Predator Oil & Gas Holdings plc has raised £2 million by conditionally placing with strategic investors 50m new ordinary shares of no par value in the company at 4 pence each.
CORNERSTONE
The company said that the placing utilised some of its existing headroom shares under the Financial Conduct’s Authority prospectus regulation rules.
A total 10 million warrants are also being issued, each exercisable at 6p, and will expire three years from the date of admission.
Predator said that the strategic investors had a “very good” understanding of the oil and gas sector and wished to be cornerstone investors in the company.
Following admission, the company’s voting rights will total 661,874,754. No shares are held in treasury.
Proceeds will accelerate further drilling at Predator’s assets, targeting the Titanosaurus prospect onshore Morocco and the Snowcap discovery onshore Trinidad.