Shares in Wildcat Petroleum (LSE:WCAT) PLC fell by 54% in early trading after the company announced it is selling 375 million new shares at a heavily discounted price of 0.12p, raising £450,000. After expenses, the company will receive £393,750.
Chairman Mandhir Singh said: "The company is delighted to have raised additional funds in difficult market conditions.
"These net proceeds of the over-subscribed placing will be used to strengthen the balance sheet and provide the company with sufficient working capital whilst it works towards a production sharing agreement with the Sudanese government."