Nostra Terra Oil & Gas Co PLC on Monday said that it has raised £450,000 via a subscription and share placing at 0.03 pence per share.
The Texas, US-focused exploration company said the funds will be used to invest in a workover and ongoing development programme at its principal producing asset, Pine Mills.
This will help increase production and cash flow in the near term, Nostra explained, along with general working capital.
‘Today’s fundraise is an important step in the rebuilding of NTOG as it enables us to put the proceeds to work into identified workover opportunities that should significantly increase production at Pine Mills,’ said Chief Executive Officer Paul Welch.
‘I would like to thank those shareholders and new institutional investors who supported the fundraise, and I look forward to updating everyone on our operational progress over the coming months,’ Welch added.
Shares in Nostra Terra Oil & Gas were down 58% at 0.034 pence each in London on Monday morning. The firm has a market cap of £361,790.
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