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LONDON (Alliance News) - Nostra Terra Oil & Gas Co PLC on Wednesday said it raised GBP1.2 million via placing of 47.9 million shares at 2.4 pence each.
Nostra Terra shares were trading up 1.5% at 2.64p each. In early morning trading shares hit a low of 2.34p.
The company will use the funds raised to strengthen its position in the Mesquite Asset, in Texas, ahead of identifying and securing a farm-in partner to deliver the Mesquite field development plan.
"Our goal with Mesquite is to find the right industry partner to work with on developing the asset. By significantly strengthening our balance sheet and welcoming institutional investment into the company at this time, we are positioned to retain more interest in the asset going forward," Chief Executive Matt Lofgran said.
The placing was led by Shard Capital Partners LLP, which has been appointed as joint broker to the company with immediate effect, Nostra Terra said.
Admission to trading of the new shares is expected on March 13, after which the firm will have 195.1 million shares in issue.
