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Petro Matad Ltd - petroleum exploration, development and production in Mongolia - Raises £2.8 million from the placing and subscription of 355.4 million new shares at 0.80 pence. The raise was conducted via an accelerated bookbuild announced after the London market close on Thursday and run by Shore Capital Stockbrokers and Zeus Capital as joint bookrunners. The stock had closed at 1.15p. The raise beat Petro Matad’s stated goal of a minimum raise of $2.3 million, about £1.7 million. The company also aims to raise up to £500,000 more from an offer of 62.5 million new shares to retail investors at the same price. Petro Matad says the fresh equity will be used to switch its Heron-1 well to grid electricity from diesel power and to conduct testing at its Heron-2, Gazelle-1 and Gobi Bear-1 wells. Petro Matad has a 100% working interest and the operatorship of two production sharing contracts with the Mongolian government in the central western and far eastern parts of the country. Current stock price: 0.81p, down 27% on Friday in London 12-month change: down 70% Copyright 2025 Alliance News Ltd. All Rights Reserved.
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