Orcadian Energy plc has raised gross proceeds of £500,000 through issuing 3,571,429 new ordinary shares of the company at a price per new ordinary share of £0.14.
The funds were raised as part of a direct subscription from the company’s existing investors.
The subscription price represents a discount of approximately 15% to the closing mid-price of an ordinary share in the company of 16.5p on 15 December 2023.
Each new subscription share carries one warrant entitling the holder to subscribe, within the next five years, for one ordinary share in the company at a price of 25p per ordinary share.
Proceeds will be for shortterm working capital and the recent farm-in with Ping Petroleum UK plc.
Following admission, Orcadian’s issued share capital will be 79,000,412 ordinary shares, each with one vote. The company holds no shares in treasury.