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LONDON (Alliance News) - Petrel Resources PLC said Wednesday that it has raised GBP400,000 in gross proceeds via the placing 21.6 million ordinary shares with new investors at a price of 1.85 pence per share
Shares in the oil & gas explorer were trading 23% higher at 2.70 pence each in afternoon trade on Wednesday. The placing shares represent around 21% of the company's issued share capital, as enlarged by the placing.
Net proceeds of the placing will be used by the company to fund costs associated with the ongoing negotiations regarding the company's Ghanaian assets and for working capital purposes.
