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Petro Matad Ltd - petroleum exploration, development and production in Mongolia - Plans to raise $8.5 million via a placing and subscription by a director and shareholder for new shares at 2.0 pence each. In addition, plans to raise $500,000 via retail offer at the same price. The placing will be effected by way of an accelerated bookbuild. Chief Executive Mike Buck intends to subscribe for new shares worth $100,000 and Petrovis, the company’s largest shareholder, intends to subscribe for shares worth $1.0 million. The net proceeds will primarily be used to complete and put Heron-1 on production, drill, complete Heron-2 and put on production, drill the Gobi-Bear 1 exploration well and develop renewable energy projects. Current stock price: 3.75 pence 12-month change: up 1.4% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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