Rose Petroleum PLC (LON:ROSE) has raised £1mln of new capital to advance the group’s gold operation in Mexico.
As the company recently told investors it intends to increase cash flow by restarting joint venture operations with mine owners in the area.
In the statement Rose said due diligence have already starts though it cautioned that negotiations may or may not be successful.
Additionally, the company told investors that negotiations continue in regards to the group’s potential Cuban gypsum project, and it is currently reviewing further opportunities.
In America, the group continues to pursue an ongoing permitting programme for a 3D seismic programme, which is currently planned for the second half of 2017.
"We are pleased to have been able to accept the favourable terms on which the funding has been offered and look forward to working with TPI in the future,” said chief executive Matthew Idiens.
“We are confident of a positive outcome on the negotiations in Mexico and will keep the market informed of our progress."
Rose will issue 714mln new shares at a price of 0.14p