Wildhorse Energy, a firm which is focused on developing underground coal gasification and uranium projects in Central and Eastern Europe, hopes to raise £5.56m in a share placing.
The deal will see a placing of up to 110,259,198 new ordinary shares of no par value in the company and subscriptions for 906,735 new ordinary shares at 5 pence per share by directors of the company.
Of the total, 30,877,370 shares have been placed "firm" and 80,288,563 have been placed "conditional" subject to shareholder approval.
The "big idea" behind the placing is to raise enough money to fund a "bankable feasibility study" at Wildhorses's Mecsek Hills project in Southern Hungary.
Matt Swinney Chief Executive Officer of WHE said: "The coming year is an exciting one for WHE and having recently indicated the attractive economic and technical potential of supplying syngas as a gas feedstock for power stations as part of our Pre Feasibility Study for the Mecsek Hills Project, we are now in a position to immediately initiate the bankable feasibility study as well as to commence a programme to seek to identify and secure suitable strategic partners to fund its completion."
At 10:18 the firm's shares had dropped 17% to 5.78p.
BS
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