LONDON (ShareCast) - (Sharecast News) - Mosman Oil and Gas said it on Friday that it had raised £1.67m through a placing to accelerate development work across its US helium portfolio, with proceeds earmarked for advancing its Sagebrush and Coyote Wash projects in Colorado toward drill-ready status.
The AIM-traded helium, hydrogen and hydrocarbon company placed 7.41 billion new shares at 0.0225p each, representing a 15% discount to the previous closing bid price.

It said the placing, conducted by SP Angel and CMC Markets UK as joint brokers, was being followed by a separate retail offer of up to £0.5m at the same price, giving existing shareholders in the UK the opportunity to participate.

The funds would support 3D seismic acquisition and well testing at Sagebrush, independent resource validation at Coyote Wash, and general working capital needs.

Chairman Carl Dumbrell said the capital raise would fund an active development period for the company's Colorado helium assets.

"This successful placing provides the capital needed to drive the next phase of development across our world-class helium assets in Colorado," he said.

"The coming quarters will be an exceptionally active period for Mosman as we complete 3D seismic at Sagebrush, progress the Coyote Wash resource validation and prepare for and conduct extended well testing.

"We thank our investors for their continued support and look forward to delivering material progress and value creation through the fourth quarter and into 2026."

Admission of the placing shares to AIM is expected on or around 23 October, after which Mosman's total issued share capital will comprise 30.39 billion shares.

Separately, the company announced the formal launch of its retail offer via CMC CapX, open to eligible UK-based shareholders who were on the register before the announcement.

The retail offer, priced at 0.0225p per share and capped at £0.5m, would close at 1600 on 21 October, with results expected on 22 October and admission of shares to AIM on 27 October.

Mosman said the offer reflected its commitment to giving retail investors access to the same terms as institutional participants.

The company noted that the retail offer and placing were separate but interdependent, with completion of the retail offer conditional on admission of the placing shares.

Retail investors would need to apply through participating intermediaries, with a minimum subscription of £250.

The shares issued under the retail offer would rank equally with existing ordinary shares.

Mosman said it would not publish a prospectus, as the total consideration remained below the £0.5m threshold for exemption under UK securities law.

At 1144 BST, shares in Mosman Oil and Gas were down 26.56% at 0.02p.

Reporting by Josh White for Sharecast.com.

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