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Global Petroleum Ltd - Africa and Mediterranean focused oil and gas explorer - Raises GBP250,000 via placing of 250 million shares at 0.1 pence per share. The placing price represents a discount of 38% to the closing price on Wednesday. Further, 250 million warrants are also being issued at an exercise price of 0.1 pence each for a period of 3 years on the basis of 1 warrant for every share issued under the placing. Should the warrants be exercised in full, associated proceeds would be GBP250,000, making total proceeds of GBP500,000. Proceeds will be used for further technical work in relation to PEL 94, as previously announced, as well as providing general working capital.
Current stock price: 0.13 pence, down 21% in London on Thursday
12-month change: down 66%
By Jeremy Cutler, Alliance News reporter
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