Nighthawk raises more cash
US-focused oil firm Nighthawk said it had raised around £2.9m by selling more new shares to investors.
US-focused oil firm Nighthawk said it had raised around £2.9m by selling more new shares to investors.
The 115.7m new shares, which have been placed with institutional and other investors at 2.5p per share, come at a discount of 7.4% to the closing share price yesterday.
The sale is part of a wider fundraising effort as Nighthawk works on a deal to buy a 25% interest in Running Fox's Jolly Ranch oil field for an initial price of $12.5m.
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
The deal would make Nighthawk operator of the Jolly Ranch Project, where it plans a $7m work program starting in the second quarter of 2012 with work-overs of existing wells followed by up to five new wells.
In October the company raised around £1.97m through the placing of 78,892,000 new ordinary shares at 2.5p per share.
Today's news pushed shares down almost 4% in early trading.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Carers retire with an average pension of just £6,750
A growing pensions gap shows carers retire with significantly less private pension income than the national average
-
8 of the best properties for sale with award-winning gardens
The best properties for sale with award-winning gardens – from a Victorian Gothic rectory in Hampshire, to a Georgian house in Kent with gardens designed by multiple Royal Chelsea Flower Show gold medallist Roger Platts