The placing is being arranged by SP Angel and it sees Mosman issuing 50 mln new shares at 1.2p per share. In late afternoon trading, Mosman chares were changing hands at 1.38p each, down 0.15p on Thursday's close.
It said the proceeds will accelerate the ongoing development of the company’s existing US onshore oil production assets, and support its working capital position as it conducts due diligence on new opportunities.
“The placing will provide funding to progress the growth in the operational side of our US onshore production acquisitions,” said John Barr, executive chairman.
“Our growth strategy remains focused on identifying further opportunities like Strawn, Welch and Arkoma that can provide operating cash flow and have additional development upside, in conjunction with adding value to our existing exploration permits."
-- Adds share price --