LONDON (Alliance News) - Highlands Natural Resources PLC on Friday said it has raised around GBP765,000 in a share placing to back field trials on its projects.
Highlands issued 6.4 million shares at 12.00 pence per share under the placing. Shares in the company are still suspended as the group is in the process of completing a reverse takeover.
The funds will be used to back any expenses incurred through the licensing agreement the company signed with Schlumberger Ltd, the US oil services giant, in September last year. The deal relates to the DT Ultravert re-fracking technology made by Diversion Technologies LLC, the company Highlands is reversing into.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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