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.
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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.
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