Baron Oil plc raised gross proceeds of approximately £0.36 million through the REX retail offer, slightly less than two thirds its approximate target.
TOTAL AMOUNT
The company will issue a total of 302,856,299 new ordinary shares at the issue price.
Baron Oil said yesterday it would offer existing shareholders up to 833,333,333 new ordinary shares of 0.025 pence each to raise up to approximately £1m before expenses.
Alongside a placing and subscription, Baron Oil today said it had raised a total of approximately £5.36m.
On admission, the company will have 18,920,260,428 ordinary shares in issue with no ordinary shares held in treasury.