Orcadian Energy plc said it is to raise £1 million gross through the placing of 2,857,143 ordinary shares to certain institutional and other investors at a price of 35 pence per share.
DIRECTOR DEALING
Chief financial officer Alan Hume has subscribed for 228,571 placing shares for £80,000, taking his total held to 4,036,960, representing 6.1% of the enlarged share capital.
USES
The company will use the net proceeds for licence fees, progressing the field development plan for Pilot licence, and general working capital.