Prospex Energy PLC (AIM:PXEN) said its £1.6 million convertible loan note fundraising was oversubscribed, giving the AIM-listed company scope to potentially increase the size of the offer if final demand warrants it.
The group said investors can still participate in the unsecured CLN offering until 5pm on Friday, 13 March, though any further allocations are expected to be made on a pro rata basis. The board added that it may elect to raise more than the initial £1.6 million, depending on the final subscription total.
Chief executive Tom Reynolds said the response reflected strong backing from investors following the launch announcement a day earlier. He said a limited window remains open for interested subscribers before the close of business on Friday.
In London, Prospex shares climbed 10.5%, changing hands at 4.2p.