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(Alliance News) - Upland Resources Ltd on Friday said it has raised gross proceeds of GBP250,000 through the subscription of 27.8 million shares at 0.9 pence each.
The stock was trading 4.7% lower at 0.91p each on Friday morning in London.
The oil and gas company said the funds will be used to progress its projects in Tunisia and for general working capital purposes.
Following admission, Upland's issued share capital will comprise 619.6 million shares.
Separately, Upland said key technical studies, in conjunction with its joint venture partner Entreprise Tunisienne d'Activites Petrolieres, are underway at its Saouaf licence area, onshore northern Tunisia. In January, the company said it had initiated technical studies and fieldwork to allow for "better understanding" of the licence area.
It added that it is examining other areas of potential areas in Tunisia as well as progressing identification of opportunities in the Asia Pacific region.
"We are delighted to announce that we have completed this fundraise which will go towards funding existing company projects in Tunisia as well as helping the company secure additional asset targets in Tunisia and the Asia Pacific region," said Chief Executive Christopher Pitman.
By Ife Taiwo; ifetaiwo@alliancenews.com
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