Orcadian Energy has raised gross £350,000 via issuing 2,916,666 new ordinary shares each of £0.12 of the company.
The fundraise, part of a direct subscription with new investors, is at a discount of approximately 14% to the closing mid-price of an ordinary share in the company on 29 September 2023.
Proceeds will go towards working capital, the costs involved in progressing the company’s proposed farm-in agreements and the repayment of certain creditors.
Orcadian said it would need to raise further funds in the near term to continue its activities.
Following admission, the company’s issued share capital will be 75,428,983 ordinary shares, each with one voting right. The company holds no ordinary shares in treasury.