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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
NR
-
Going part-time could leave a £58,000 hole in your pension: how to plug the gapThere are many reasons for switching to part-time work, but some savers don’t consider the impact on their pension until it is too late
-
Three bargain investment trusts to add to your portfolioThese three investment trusts are bargains compared to their net asset value (NAV), but one fund analyst thinks the deep discounts are unwarranted.
