Savannah Petroleum has raised $36million after placing more than 61million shares at a value of 38 pence each.
The Niger focused oil and gas firm said an estimated 17,136,000 of these placing shares will be subscribed directly within the company.
The placing shares represent 47% of the company’s existing ordinary share capital and will be issued in two tranches.
The first, of more than 43million shares, will be issued immediately following settlement later this month and raise proceeds of $26million.
The second tranche of more than 17million shares will be issued next month dependent on the receipt of shareholder approval.
Andrew Knott, chief executive of Savannah Petroleum, said: “It has been particularly pleasing to note that each of our major institutional shareholders have participated in the placing. The fact we have also introduced several other long-term orientated shareholders to our register is also highly encouraging.
“I would like to thank our staff and core advisory team who have worked tirelessly over the course of the past year to get the company to this point.
“I believe they have performed excellently and I have no doubts that they will continue to do so going forward.
“Our organisation is strongly focused around moving as quickly as possible toward the recommencement of exploration activity in our license areas later this year and I look forward to updating shareholders on the progress we make towards this goal over the course of the coming months.”
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