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(Alliance News) - Pharos Energy PLC on Friday said it has raised USD11.7 million - around GBP8.6 million - through the issue of 44.7 million shares at 19.25 pence each.
Shares in the oil & gas exploration and production company were trading 6.5% lower at 19.96 pence each on Friday morning in London, giving it a market capitalisation of GBP79.3 million.
Pharos Energy said that alongside a placing - which was launched Thursday - of 30.7 million shares raising USD8.1 million, directors of the company and some existing shareholders subscribed for a total of 9.0 million shares, raising USD2.4 million. Additionally, retail investors subscribed for a total of 4.9 million shares via the PrimaryBid platform, raising USD1.3 million.
The net proceeds of the fundraise will be deployed to support the company's investment programme in Egypt in order to provide reservoir pressure support and stimulate production.
Following admission of the new shares, Pharos Energy's share capital will comprise 442.2 million shares.
By Ife Taiwo; ifetaiwo@alliancenews.com
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