LONDON (Alliance News) - Petro Matad Ltd said Wednesday it aims to raise USD18.3 million through shares placing and a subscription.
Net proceeds from the an accelerated bookbuild are expected to be USD17.0 million. The shares will be issued at a price of 10 pence each.
Petro Matad shares closed down 0.8% at 12.70p.
The Mongolian oil explorer said the proceeds from the placing will be used to fund the drilling of two additional wells in Mongolia and to cover the annual PSC licensing costs.
The bookbuild of which Stockdale Securities Ltd is nominated adviser and joint broker is expected to close on June 14.
Petro Matad (MATD)