Nostra Terra Oil and Gas has raised £250,000 through share placing to fund future acquisitions.
The firm placed 12,500,000 new ordinary shares.
A company spokesperson said: “The net proceeds of the placing will allow the company to continue to proactively seek out additional acquisition opportunities and will put the board in a stronger position of negotiation while it awaits the $2.1mollion proceeds from the sale of the Chisholm Trail asset, as announced on 29 June 2016 and 8 July 2016.”
An application will be made to the London Stock Exchange for admission of the placing shares. Following admission, the company will have 94,706,954 ordinary shares in issue with each share carrying the right to one vote.
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