--ADDS SHARE PRICE--
Independent Oil & Gas (LON:IOG) shares advanced in early deals as it raised £145,000 through an issue of shares at a premium price of 23.79p, 51% above Friday's closing price of 16p.
The North Sea junior says it now has sufficient working capital to last until early September.
In the meantime long term funding talks continue with what the company describes as “an internationally listed group with a multi-billion dollar market capitalisation.”
Those talks have a stated August 15 completion date.
"We are delighted to have secured further short term funding providing stability for the company while we progress our long term funding discussions and projects," said chief executive Mark Routh.
As is customary of such announcements IOG warns investors that the long term funding is subject to negotiation and the approval of various counterparties, there can be no guarantee that IOG will secure financing.