Reabold Resources PLC (AIM:RBD, FRA:AWL1) has secured a £1.9 million cornerstone investment from a group of US-based strategic investors led by Rohan Oza, giving fresh momentum to funding plans for its flagship West Newton gas project in the UK.
The company said the investors have conditionally agreed to subscribe for 1.9 billion new shares at 0.1p each, equal to the closing mid-market price on Thursday, 12 March.
The new investment will be subject to shareholder approval, and to Reabold raising a further £1.1 million by 12 May 2026, with the wider fundraising set to be completed on the same terms.
Investors in both the subscription and the broader raise will also receive 1.25 warrants for each new share, exercisable at 0.11p.
Reabold said that structure could provide extra capital if the planned recompletion of the West Newton A-2 well is successful and the project moves toward early production.
Net proceeds are set to be used primarily to advance West Newton, including funding both Reabold’s and Rathlin’s shares of the A-2 recompletion, which is expected in the coming months.
The company noted that it recently received the environmental permit needed to carry out stimulation operations at the well.