Reabold Resources, the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, notes recent press speculation relating to a potential fundraising pursuant to an equity placing with certain existing and new investors.
The Company confirms that it is in the process of taking indications of interest from investors with regard to an equity placing of between £20 – 24 million, with the majority of the proceeds intended to be utilised to meaningfully increase Reabold’s interest in Rathlin Energy (UK) Limited, to fund and accelerate the permitted, two well work programme at the West Newton project, and to exercise its existing option in Danube Petroleum Limited, providing the required funding for the IM-2 well.
The bookbuild, being conducted by Stifel Nicolaus Europe Limited, is expected to open at 4.45pm on Tuesday, 8 October 2019.
Further announcements will be made in due course.
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