StockMarketWire.com - Mosman Oil and Gas raised £600,000 by a placing and subscription of 50,000,000 new shares of no par value in the capital of the company at 1.2p per share by SP Angel Corporate Finance.

Mosman's strategic objective continues to be that of identifying opportunities which will provide operating cash flow and have further development upside; in conjunction with adding value to the company's existing exploration permits.

The placing will allow Mosman to progress its growth strategy following the recent acquisition of three producing projects in the United States which demonstrate that the company is moving forward effectively in achieving its objectives of building a significant production operation.

The proceeds of the placing will accelerate the ongoing development of the existing US onshore oil production assets to increase production and cash flow, the potential acquisition of additional onshore production assets, for general corporate working capital purposes and for the ongoing costs associated with the review and due diligence on other acquisition opportunities that are currently being evaluated.




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