Georgina Energy PLC (LSE:GEX) shares were steady after the company announced a £1.2 million funding deal combining a £200,000 equity placing and a new £1 million debt facility from an institutional investor.
The placing was completed at 5p per share, while the three-year debt facility includes an initial £300,000 drawdown convertible at 8p per share.
Further drawdowns will be priced at a 50% premium to the prevailing five-day average share price. The loan carries no interest, and the investor will receive warrants equal to 40% of each drawdown, exercisable at a 50% premium.
Chief executive Anthony Hamilton said the investment “strengthens our balance sheet” and demonstrates institutional confidence in the company’s strategy and asset base.
He added that the new funding provides flexibility to accelerate development across Georgina’s key projects and assess additional growth opportunities.