Angus Energy plc has raised £675,000 through placing 61,363,634 ordinary shares to certain investors at a price of 1.1 pence per share.
PROCEEDS
The issue of shares represents less than 5% of the enlarged capital of the group.
Net proceeds of the placement will go towards working capital and general costs.
Angus said that following admission, the total number of ordinary shares in the capital of the company will be 1,368,650,514 with voting rights.
Chief executive George Lucan added that, due to extended due diligence by bidders and associated costs in the formal sales process, the issue of shares ensured that the group remains funded until Saltfleetby gas field generated more substantial revenues.