Wildhorse eyes 5.5m-pound placing
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.
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
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.
-
Albert Einstein's first violin sells for £860,000 at auction
Albert Einstein left his first violin behind as he escaped Nazi Germany. Last week, it became the most expensive instrument not owned by a concert violinist
-
Rob Granieri: the mysterious billionaire boss of Jane Street
Profits at Jane Street have exploded, throwing billionaire Rob Granieri into the limelight. But it’s not just the firm’s success that is prompting scrutiny