Oracle Coalfields places 62.28m shares to advance site work

Oracle Coalfields, a UK coal developer, announced Friday that is has placed 62.28m new ordinary shares at 1.5p each.

The placing has raised around £0.93m before expenses and will allow the company to further advance the pre-development work at site.

The group also raised a further £26,667 under its £2.0m equity line facility with Dutchess Opportunity Cayman Fund. Under the facility Oracle has drawn down a net amount of £22,542 through the issue of 1.13m new ordinary shares to Dutchess at a gross price of 2.0p per share.

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Shahrukh Khan, Chief Executive Officer of Oracle, said: "I am very pleased with the results of this placing and drawdown of the Equity Line Facility, which demonstrates the support Oracle continues to receive. A number of new financial institutions participated in the Placing and I welcome them to our shareholder register.

"The funds raised enable us to approach the year ahead with confidence including the ability to further advance the pre-development work at site and our local CSR programme to enhance the social and healthcare amenities for the local inhabitants.

"It is the latest step towards our goal of developing a producing mine capable of supplying indigenous coal to contribute towards alleviating Pakistan's growing energy crisis while simultaneously delivering long-term sustainable returns for our loyal shareholder base. We continue to make steady progress and remain totally committed to achieving these two goals."

The share price fell 11.76% to 1.88p by 12:30.

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