LONDON (Alliance News) - Curzon Energy PLC on Friday said it has raised almost GBP100,000 and also secured a new loan note.
Curzon placed 6.0 million new shares at a price of 1.58 pence per share, as well as a warrant per two placing shares exercisable at the same price for two years.
Shares were untraded on Friday, last quoted at 1.12p each.
The USD1.0 million loan note is from YA Global Investments LP, with USD100,000 so far drawn down.
The funding will be used by Curzon to provide working capital through to the sealing of the commercial terms of its heads of terms for a natural gas project in Texas.
Chief Executive Scott Kaintz said: "We are very pleased to have completed this important placing at a premium to the current share price and secured additional financing from our largest shareholder following several months where our focus lay largely on cost reductions and corporate streamlining."
"Support from both existing shareholders and directors in the placing demonstrates the backing behind our initiative on an attractive multi-trillion cubic feet onshore natural gas project in Texas with Pared Energy," he continued.
"We remain focussed on obtaining a meaningful interest in the Texas gas project as a priority, and also in progressing a farm-out or other external funding and development opportunities in relation to our heritage asset at Coos Bay."
"This fundraising and the proposed heads of terms marks the beginning of the next phase of Curzon's development and we look forward to updating the market on its progression in due course," Kaintz concluded.
Curzon Energy (CZN)