LONDON (Alliance News) - Oil and gas company Cabot Energy PLC on Friday said it has raised GBP2.5 million from its sharply discounted share subscription and open offer and is now funded until late April.
Shares in Cabot Energy closed down 25% at 0.15 pence on Friday.
The company raised GBP2.2 million through a subscription priced at 10 pence per share and had intended to raise up to another GBP770,000 through an open offer at the same share price, though only raised GBP448,689.
Through the combination of the subscription and open offer, Cabot Energy will issue 25.3 million shares.
Following this, the company's 662.0 million shares will be consolidated on the basis of one new share for every 100 existing shares.
Ultimately, Cabot Energy will have 32.0 million shares in issue.