Petro Matad Ltd - Mongolia-based oil exploration company - Expects to raise GBP76,000 through open offer of 2.2 million shares at a price of 3.5 pence each.
"We are pleased to have completed a capital raise swiftly following the award of the Exploitation Licence for the Heron discovery. This allows us to secure long lead time items in anticipation of commencing oil production as soon as next year, and strategically puts us in control of our goal to deliver transformational value to all stakeholders through production and low-cost exploration," says Chief Executive Officer Mike Buck.
Current stock price: 2.87 pence, up 3.5%
Year-to-date change: down 31%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Petro Matad (MATD)