LONDON (ShareCast) - Rose Petroleum, a natural resources company, proposed to raise £3.5m by issuing 200m new shares.
The conditional placing is subject to the admission of the shares to trading on AIM, which is expected to start on Friday.

The company also said the money raised will provide duns to develop its Mancos and Paradox assets in Utah.

Chief executive Matthew Idiens said: "We are particularly pleased that we have been able to carry out the fundraising despite the current turmoil in world oil markets.

"This fundraising is within our existing share authorities and, given the early stage discussions we are having in relation to potential project level fundraising, we are aiming to minimise dilution for shareholders at this time."

Shares dropped on Monday by 15.12% to 1.74p at 13:05.

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