Regal Petroleum Raises GBP 84 bln Via Conditional Placement of Shares

Regal Petroleum (RPT LN: N/R) announced that it has conditionally placed 56,440,000 ordinary shares at 5 pence each in order to raise about GBP 84 bln. The new shares represent 39.5% of existing issued share capital in the company. Regal said it plans to use the proceeds to fund exploitation and development of the group’s Ukrainian assets and provide additional working capital. Admission and trading in the new shares on AIM is expected to commence on Feb. 22, following shareholder approval at the company’s EGM on Feb. 19. Strand Partners Limited has been appointed as the company’s nominated advisor.