Petrel raises £0.4m via placing

Petrel announced on Wednesday that it has raised £0.4m before expenses via the placing of 21,621,622 ordinary shares with new investors, at a price of 1.85p per placing share.

The AIM-traded company said the placing shares represented approximately 20.68% of its issued share capital, as enlarged by the placing.

It said the net proceeds of the placing would fund any costs associated with the ongoing negotiations regarding its Ghanaian assets, and would also provide it with additional working capital, as its board continued to assess new projects.

“Following the admission of the placing shares, there will be a total of 104,557,246 ordinary shares in issue with each share carrying the right of one vote,” Petrel’s board said in its statement.