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.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
