Last checked at 
LONDON (Alliance News) - i3 Energy PLC on Tuesday said it has raised GBP16 million in an oversubscribed share placing to fund the development of the drilling programme on the Liberator oil field, in the UK North Sea.
i3 Energy issued 43.2 million shares at a price of 37 pence per share through accelerated bookbuild process.
Shares in i3 Energy were down 5.8% at 41.00p on Tuesday.
Canaccord Genuity Group Inc, GMP FirstEnergy, and WH Ireland Group PLC have acted as joint bookrunners.
The new shares will be admitted in two tranches, with the first being 11.0 million shares on Monday next week.
The company will use the cash, alongside an anticipated GBP24 million loan note, to fund its 2019 multi-well appraisal and development drilling programme on the Liberator oil field in the UK North Sea.
i3 will also carry out an open offer at the same price to raise a further GBP2 million.
"i3 is about to enter the most exciting and active operational period in its history. The proceeds of the Placing, together with sums to be drawn under the previously announced proposed debt facilities, will allow i3 to target over 500 million barrels of oil in place at Liberator and Serenity through our three well drilling programme this summer," said Chief Executive Officer Majid Shafiq.
i3 Energy will have 52.0 million shares issued overall following the first tranche of shares.