Predator Oil & Gas Holdings plc has conditionally placed 40 million new ordinary shares of no par value in the company at 5 pence each to raise £2m with a single institutional investor.
The company said that the placing was significantly oversubscribed and utilised some of its existing headroom shares under the Financial Conduct’s Authority prospectus regulation rules.
A total 40m warrants will also be issued on a one-for-one basis exercisable at 8p, valid for three years from the date of admission.
Following admission, Predator’s voting rights will number 611,874,754. The company holds no shares in treasury.
Net proceeds will go towards testing at its Guercif licence in Morocco, completing the acquisition of a new producing field onshore Trinidad, the farm-out process for Corrib South, offshore Ireland, and reviewing onshore opportunities in a new African country.