Borders & Southern Petroleum plc has raised £1.5 million before expenses by issuing 100m new ordinary shares at a 16.67% discounted price of 1.5 pence per new ordinary share.
DIRECTORS DEALINGS
The fundraise comprised placing 69,666,666 ordinary shares and subscription of 30,333,334 ordinary shares.
Non-executive chairman Harry Dobson subscribed for 28m shares taking his total 109,372,000 representing 13.2% of the enlarged share capital of the company.
Chief executive Harry Baker subscribed for 3,333,333 shares (0.4%) and non-executive directors Sean Guest 1,666,667 (0.2%) and Will Hodson 666,667 (0.8%), for an aggregate £505,000.
Following admission, Borders’ total issued share capital will consist of 830,814,456 ordinary shares each with voting rights. The company holds no ordinary shares in treasury.
The company also granted 1,326,666 broker warrants to its nominated adviser in connection with the fundraise, exercisable over three years.
Proceeds will fund the company’s licence fees, discovery area fees, technical and commercial studies, general and administrative expenses and to advance the Darwin gas condensate discovery in the South Falkland Basin.
Borders said it had also engaged a new international advisor to help move the project towards appraisal and was “encouraged” by progress on the relaunched farm-out process.