Borders & Southern Petroleum PLC - London-based independent oil and gas exploration - Raises USD1.8 million, around GBP1.4 million, through an oversubscribed open offer of 103.9 million shares for 1.3 pence each, following the raising of GBP600,000 through a subscription of 69.2 million shares.
Open offer's size was originally intended to be up to USD1.2 million. Proceeds from the fundraising will go towards enabling the company to explore the best options for appraising and developing its Darwin gas and condensate discovery.
Current stock price: 2.10 pence, up 14%
12-month change: up 67%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Borders & Sth. (BOR)