The private placement of around 231.73 million shares at Nkr 0.35 per share will raise gross proceeds of $12.5 million, with a subsequent offering to retail investors to raise a further $2.5 million.
Chief executive Stuart Lake said “the net proceeds of the placing will be used to primarily strengthen the company’s balance sheet and liquidity position and to fund our ongoing exploration programme, including seismic costs and licence fees”.
