StockMarketWire.com - Oil and gas company Global Petroleum raised £1.4m through an equity placing and subscription offer.

The company placed 177m shares at a price of 0.75 pence per share. The company's share price closed at 132p on September 14.

Directors of the company intended to subscribe for 9.67m shares, raising £72.5k.

As a further component of the placing and the subscription, 186.67m warrants were also being issued at an exercise price of 1.5p per share for a period of 2 years.

'In the event the warrants are exercised in due course in full, associated proceeds will be £2.80m, with the result that the company will have raised gross proceeds of £4.20m at a weighted average price of 1.125 pence per share.'


At 9:03am: [LON:GBP] Global Petroleum Ltd share price was -0.33p at 1p



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