Prospex Energy plc has raised £1,031,650 via a placing and subscription of 22,925,555 new ordinary shares at a 4.4% discounted issue price of 4.5 pence per share.
RETAIL OFFER
Directors and persons discharging managerial duties also participated for a total of 1,444,444 new ordinary shares.
Non-executive chairman Bill Smith and chief executive officer Mark Routh each subscribed for 333,333 shares for £15,000.
Independent non-executive director Andrew Hay subscribed for 222,222 shares for £10,000 and chief operating officer Richard Jameson, 555,556 shares for £25,000.
The company also aims to raise up to £500,000 through a WRAP retail offer for 11,111,111 shares at the same issue price for its eligible UK investors.
The WRAP retail offer, due to close at 4:30pm on 27 June, is separate to the placing and subscription and is conditional upon the placing and subscription shares’ admission to trading.
Net proceeds will be used for the cash call for the Viura-1B well to fund the workover to resume production at the Viura field in northern Spain.
The funds will also go towards ordering long-lead items for the 2026 drilling campaign.