By Iain Gilbert
Date: Thursday 01 Oct 2020
LONDON (ShareCast) - (Sharecast News) - Exploration and production firm Bahamas Petroleum raised up £9.5m on Thursday by virtue of an institutional share placing.
Bahamas Petroleum undertook the placing as part of an effort to boost funds for its high-impact well, Perseverance-1, with 475.0m new shares being issued at a price of 2.0p each.
Perseverance-1 has estimated potential resources of 770.0m to 1.4bn barrels of oil.
The AIM-listed firm stated the fundraiser was part of a push to optimise funding in order to achieve a lower cost of capital, less aggregate dilution and greater certainty.
Bahamas also expects that it will not be required to draw on its existing £16.0m convertible bond facility thanks to the placing.
Chief executive Simon Potter said: "The placing proceeds, being certain, immediately available and at a known dilution compared to other existing funding options, give us the opportunity to simplify the capital structure of the business whilst leaving us in a much stronger overall financial position.
"At the same time, with a view to continually seeking to strategically enhance the overall financial and operating capacity of the company, we continue to consider a wide range of other funding options."
As of 1300 BST, Bahamas Petroleum shares had sunk 22.88% to 2.16p.
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Currency | UK Pounds |
Share Price | 0.16p |
Change Today | 0.001p |
% Change | -0.62 % |
52 Week High | 0.17 |
52 Week Low | 0.038 |
Volume | 26,989,854 |
Shares Issued | 10,494m |
Market Cap | £16.79m |
RiskGrade | 73 |
Value |
---|
Price Trend |
---|
Income |
---|
Growth |
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No dividends found |
Time | Volume / Share Price |
16:35 | 932,000 @ 0.16p |
16:35 | 247,625 @ 0.16p |
16:35 | 2,375 @ 0.16p |
16:35 | 422,625 @ 0.16p |
16:35 | 259,375 @ 0.16p |
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