Kazera Global conditionally raises £400,000 via discounted placing

Investment firm Kazera Global has conditionally raised £400,000 via the placing of 66.66m shares at a discount.

Kazera placed the shares at 0.6p each, a 17% discount to its closing mid-market price of 0.72p a share on 23 August. The company said it plans to use the proceeds for general working capital and further drilling over its Purple Haze, White City and Signaalberg acreages.

Kazera's placing shares represented approximately 18.7% of its total issued share capital. The fundraiser still requires shareholder approval at its next meeting on 20 September.

The company also issued 3 million shares as payment to joint broker Peterhouse for carrying out the placing.

At 0850 BST, Kazera shares were down 22.58% to 0.60p.