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Kea Petroleum boss pins hopes on ‘last resort’ equity crowdfunding

Published: 14:25 01 May 2015 BST

Kea Petroleum (LON:KEA) chairman Ian Gowrie-Smith tells Proactive Investors why the company has chosen to raise money by placing shares on crowdfunding platform PrimaryBid.com in a first for an AIM company.

‘It is the first opportunity for the retail investor to be offered stock at a discount rather than the institutions,’ he explains. ‘If we don't raise the £3mln, we are not going to take anything and the company will basically go into fire-sale mode.’

The serial entrepreneur says no-one in the oil and gas game is unaware of the risks, but he sees ‘exceptional potential’. The deadline for the funding is 7 May.

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