Georgina Energy PLC (LSE:GEX) shares dipped in Monday's trade after its latest drip-in of equity, with the small-cap firm raising £1.25 million to fund its Hussar drilling programme and bolster working capital.
It is issuing 10 million new shares at 12.5p each, and investors in the placing will receive one warrant for every new share subscribed, exercisable at 14p.
Previously, in early August, Georgina raised £500,000 in an 'additional fundraise' from one institutional investor introduced by Fortified Securities, selling shares at 9p, plus accompanying warrants exercisable at 10p.
Before that, in July, it raised £1.5 million by selling shares at 9p, plus warrants exercisable at 10p.
The equity raising comes as the small-cap is advancing operations for a new well test at Hussar in Western Australia. Drilling is scheduled to begin in the third quarter, as site works and preparation programmes are already taking place at the site.
In London, on Monday, Georgina Energy shares fell 5.2% to 13.75p.
