Global Petroleum Ltd - Africa and Mediterranean focused oil and gas explorer - Raises £250,000 via placing of 250 million shares at 0.1 pence per share. The placing price represents a discount of 38% to the closing price on Wednesday. Further, 250 million warrants are also being issued at an exercise price of 0.1 pence each for a period of 3 years on the basis of 1 warrant for every share issued under the placing. Should the warrants be exercised in full, associated proceeds would be £250,000, making total proceeds of £500,000. Proceeds will be used for further technical work in relation to PEL 94, as previously announced, as well as providing general working capital.

Current stock price: 0.13 pence, down 21% in London on Thursday

12-month change: down 66%

Copyright 2023 Alliance News Ltd. All Rights Reserved.