President Energy PLC (LON:PPC) has closed the books on the equity placing it launched this morning, raising more than it initially proposed.
The company confirmed that it is raising US$8.75mln, compared with the initial US$8mln target, issuing 66.65mln new shares priced at 10p each.
It is also pursuing a separate open offer giving existing shareholders the opportunity to invest a total of €5mln.
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Peter Levine, President chief executive said in a statement: "Today's completed placing, the proposed open offer and the subsequent PLLG debt conversion, ensures the company is in an even better position to embark on the next stages of growth both organically and importantly by way of acquisition and provides us with a stronger base from which to develop a wider suite of tools in our financial toolbox."
This morning, the company told investors that the funding is intended to support a number of important developments due in the coming months – namely additional acquisition opportunities and an accelerated work programme in Argentina.