Solo revealed Friday it had raised £2 million (US$2.6 million) through the issue of more than 1.1 billion shares at a price of 0.18 pence per share.
The shares were issued to a single institutional investor, Epsilon, and represent 15.9% of the enlarged issued share capital of the company.
“The company is now funded for its share of the estimated dry-hole costs for the upcoming high impact Ntorya-2 appraisal well in Ruvuma basin, Tanzania,” Solo chairman Neil Ritson said.
“We
