Global Petroleum raises GBP1.0 million to fund Namibian exploration
Thu, 29th Apr 2021 11:51
(Alliance News) - Global Petroleum Ltd on Thursday said it has raised GBP1.0 million through the placing of 222.2 million shares at 0.45 pence each.
Shares in the oil & gas, upstream exploration company were trading 26% lower at 0.46p each on Thursday morning in London.
The Australia-based company has also issued 111.1 million warrants at an exercise price of 0.9p per share for a period of two years, with one warrant for every two ordinary shares. If exercised in full, this would raise a further GBP1 million, giving total proceeds of GBP2 million at an average weighted price of 0.6p per share.