Petro Matad To Raise Gross USD18.3 Million To Fund New Wells (ALLISS)

LONDON (Alliance News) - Petro Matad Ltd said Wednesday it aims to raise USD18.3 million ...

Alliance News 13 June, 2018 | 5:16PM
Email Form

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.

By Elena Cherubini; elenacherubini@alliancenews.com.

Copyright 2018 Alliance News Limited. All Rights Reserved.

Email Form
Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Petro Matad Ltd 5.98 GBX -2.85 -
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.