IRG.L Share News (IRG)

AIM-listed Independent Resources (IRG) saw its shares slide on Friday after it announced plans to raise £2.76m before expenses by way of an equity fundraising of 91.9m shares at 3p each.The funds raised will help the group meet the substantial financial commitment required for the planned extension to the Ksar Hadada Permit, with the immediate priorities for IRG and its partners currently being preparing for re-entry of one of the existing wells in the Ksar Hadada Permit area and engaging in shooting 3D seismic. The proceeds of the placing will enable it to meet these costs and cover the necessary working capital commitments."IRG has sought tenders for a 3D seismic programme over the key areas of the Ksar Hadada Permit identified as prospective," it explained. "It is anticipated that the tender process could be completed in the early Autumn of 2014 with seismic acquisition to follow."The share price dropped 17.97% to 3.75p by 13:10.NR