Pharos Energy PLC - oil & gas exploration and production company - Intends to raise up to USD13.0 million by way of a placing, subscription and retail offer of new shares at a price of 19.25 pence each. The placing will comprise the issue of such number of new shares as, together with the subscription shares, represents 10% of the company's existing issued share capital, it says. In addition to the placing and subscription, an offer will be made by the company on the PrimaryBid platform of up to 9.9 million new shares, representing up to 2.5% of the company's existing issued share capital. Pharos Energy says, together, the total number of placing, subscription and retail offer shares will not exceed 49.7 million, representing 13% of the current issued share capital of the company. The net proceeds of the fundraise will be deployed to support the company's investment programme in Egypt in order to provide reservoir pressure support and stimulate production.
Current stock price: 21.35p, up 1.7% on Thursday
Year-to-date change: up 15%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Pharos Energy (PHAR)