Extractive Industries

Orcadian to raise £1 million via placing

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.

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