LONDON (ShareCast) - (Sharecast News) - Oil and gas exploration and production company Nostra Terra announced on Friday that it has conditionally raised £0.5m before expenses through a subscription for 80,000,000 ordinary shares and a placing of 20,000,000 shares at a price of 0.5p each.
The AIM-traded firm said it had received an unsolicited offer to raise money at nil discount to the current trading price, and accepted it.

It said the net proceeds of the fundraise would be used for potential opportunities, which were currently under active consideration.

The company said the subscription and placing shares represented about 15% of its issued share capital as enlarged by the fundraise.

Participants would also be issued with one warrant for each fundraise share subscribed for, resulting in the issue of 100,000,000 fundraise warrants, as well as 8,000,000 warrants to the broker of the Fundraise.

The fundraise and broker warrants would be exercisable for two years at a price of 0.85p per share, making for a premium of 70% to the issue price.

"We're very happy with the recent interest in the company, especially the increased institutional investment," said chief executive officer Matt Lofgran.

"While we weren't looking for additional funds, we received an unsolicited offer without any discount."

Lofgran said that provided Nostra Terra with more options to accelerate growth, with various opportunities available.

"Progress on our existing portfolio is very good."

At 1218 GMT, shares in Nostra Terra Oil and Gas Company were up 9.49% at 0.58p.

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