Reabold Resources confirms share placing of up to £24m
Reabold Resources confirmed on Friday that it will look to raise between £20m and £24m in a placing.
Responding to recent press speculation, the AIM-listed company, which focuses on investments in pre-cash flow upstream oil and gas projects, said it is in the process of taking indications of interest from investors.
The majority of the proceeds will be used to "meaningfully increase" Reabold's interest in Rathlin Energy, to fund and accelerate the permitted, two-well work programme at the West Newton project, and to exercise its existing option in Danube Petroleum Limited, providing the required funding for the IM-2 well.
The bookbuild, being conducted by Stifel Nicolaus Europe, is expected to open next Tuesday.
At 1245 BST, the shares were down 7.8% at 1.01p.