Last RNS recap9 Dec 2024 19:50
Pennpetro announces that it has it has raised and an additional Β£120,000 (gross) by way of a firm placing ("Placing") to one investor of 1,000,000 new ordinary shares at a price of 12 pence per share ("Placing Shares"). The funds for this placing have been received by the Company and the shares are expected to be issue on or around Monday, 2 December 2024.
This Β£120,000 placing (gross) is in addition to the Β£360,000 (gross) recently raised (as announced on 1 August 2024) and the Β£300,000 (gross) (as announced on the 16 August 2024) and will be used towards general working capital purposes as the Company moves to finalise its 31 March 2024 year-end accounts.
Tom Evans, Pennpetro's CEO, comments, "This placing has been completed out of our existing available headroom of 9.059 million shares. I feel the Company is now making solid headway with getting our accounts up to date and look forward to the lifting of the suspension in our shares shortly, once the auditors finalise their review."