Petro Matad Ltd - petroleum exploration, development and production in Mongolia - Plans to raise $8.5 million via a placing and subscription by a director and shareholder for new shares at 2.0 pence each. In addition, plans to raise $500,000 via retail offer at the same price. The placing will be effected by way of an accelerated bookbuild.

Chief Executive Mike Buck intends to subscribe for new shares worth $100,000 and Petrovis, the company’s largest shareholder, intends to subscribe for shares worth $1.0 million.

The net proceeds will primarily be used to complete and put Heron-1 on production, drill, complete Heron-2 and put on production, drill the Gobi-Bear 1 exploration well and develop renewable energy projects.

Current stock price: 3.75 pence

12-month change: up 1.4%

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