LONDON (Alliance News) - Bahamas Petroleum Co PLC said on Wednesday it has raised GBP1.1 million through a subscription of 44.0 million shares at a price of 2.5 pence per share.
Shares in the oil and gas company dropped 14% at 3.05 pence on Wednesday.
Proceeds will go towards supporting Bahamas Petroleum's work over ongoing partnership negotiations.
In addition, the company said it has appointed Macquarie Capital Markets Canada Ltd as its advisor.
"We are delighted to have appointed an organisation with a global reputation such as Macquarie Capital as our advisor, and look forward to working closely with them. We believe that Macquarie Capital's deep sector expertise in oil and gas will be of considerable benefit to BPC as we look to advancing our strategy. In addition, the funds raised through the Subscription gives the Company more flexibility in any negotiations," said Chief Executive Officer Simon Potter.
Bahamas Petroleum now has 1.55 billion shares issued overall.