(Sharecast News) - Mosman Oil and Gas had raised £0.3m, it announced on Friday, through the placing of 2,400,000,000 shares.
The AIM-traded firm said the funds generated would primarily be used to bolster its working capital, with a particular focus on covering anticipated expenses associated with the development of its two wholly-owned helium and hydrogen exploration projects in the Amadeus Basin in Australia's Northern Territory.
It said the projects, known as EP 145 and EPA 155, were currently in progress and were expected to advance further in anticipation of farmout completion.
Mosman said it would continue to bear the ongoing expenses related to EP 145 until the farm-in agreement was finalised.
On completion of the agreement, the company said it would subsequently be reimbursed for the incurred costs.
At the close on Friday, shares in Mosman Oil and Gas were down 23.53% at 0.01p.
Reporting by Josh White for Sharecast.com.
Mosman Oil Gas (MSMN)