Alternative investment market (AIM)-listed Lansdowne Oil and Gas said today it has placed 20,753,636 new ordinary shares with new and existing investors to raise about £1.04million before costs.
The company, in which Aberdeenshire energy service group SeaEnergy has a 21.48% stake, has also issued a loan note to the value of £1,862,318 to 25.76% shareholder LC Capital Master Fund.
Dublin-based Lansdowne said the proceeds of the placing and loan note were to be used to meet existing liabilities and working capital requirements to the end of 2015, while it seeks to complete the farm-out of its Barryroe asset in the Celtic Sea.
The placing shares will represent approximately 12.9% of the enlarged share capital of the company.
Application has been made for them to be admitted to trading on AIM and dealings are expected to start on Thursday.
Read more market news here.