Barryroe Offshore Energy PLC (AIM:BEY, OTC:PVDRF) has said it plans to raise €20mln through a proposed placing and open offer.
The placing will be for an amount of up to €12mln, at a price of €0.015 per new ordinary share, the company said in a statement.
The Irish oil and gas company said the placing is only available to qualifying professional investors who did not participate in the previous convertible loan note or proposed open offer.
Barryroe said the proposed open offer is up to €8mln at €0.015 per open offer share, with shareholders able to purchase one share for every six they already hold as of 5 April.
Shareholders who subscribe to their full entitlement may also request additional shares as an excess entitlement, it said.
Each share bought in the open offer and placing will grant the buyer a warrant to purchase an additional 1.5 ordinary shares for €0.015 for a period of 10 years from the date of issue.
Barryroe said the placing and open offer had been structured to allow qualifying shareholders to continue participating in the project.
Funds raised will be used to meet working capital projects and maintain momentum behind the project for the next two years, the company said.
“Taken together, both fundraisings will place the Company on a solid financial footing for the foreseeable future,” said Barryroe chief executive Alan Curran in a statement. “We now look forward to progressing the Barryroe project, especially to the grant of the Lease Undertaking by the Minister, so that we can expedite the necessary appraisal well preparations.”