Business
Oversubscribed Fundraise
Oversubscribed Fundraise.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1692A\n Nostra Terra Oil & Gas Company PLC\n 25 September 2020\n \n \n \n \n 25 September 2020\n \n \n \n \n \n Nostra Terra Oil and Gas Company plc\n \n \n (\"Nostra Terra\" or the \"Company\")\n \n \n \n \n \n Oversubscribed Fundraise \n \n \n \n \n \n Nostra Terra (AIM: NTOG), the oil & gas exploration and production company with a portfolio of development and production assets in Texas, USA, \n is pleased to announce completion of an oversubscribed fundraise of £500,000 with institutional and professional investors. \n \n \n During the current quarter, Nostra Terra acquired the Caballos Creek Asset - an oil producing asset in South Texas, progressed drilling plans for a new well at Pine Mills and signed a farm-in agreement for a new oil producing asset in the Permian Basin.\n \n \n The net proceeds of the fundraise will be used on the new Permian Basin farm-in asset, the upcoming well at Pine Mills, and for general working capital purposes, including evaluation of other potential acquisitions or development of assets such as Caballos Creek. Work is focused on assets that will generate near-term cashflow with lasting reserves.\n \n \n \n Nostra Terra's current work programme is now funded and the activity is anticipated to produce significant additional cashflow for the Company and remain robust, even at subdued oil prices. \n \n \n The Company intends to provide a further update on all areas of operation in the near future.\n \n \n Fundraise\n \n \n The Company has raised, in aggregate, £500,000, before expenses, by way of a placing of 40,000,000 new ordinary shares (the \"Placing Shares\") (the \"Placing\") and a subscription for 160,000,000 new ordinary shares (the \"Subscription Shares\") (the \"Subscription\") at a price of 0.25 pence per share (the \"Issue Price\"). The Placing and the Subscription together constitute the \"Fundraise\".\n \n \n The Issue Price represents a discount of approximately 16% to the closing bid market price of the Company's ordinary shares on AIM of 0.30 pence on 24 September 2020, being the latest practicable date prior to this announcement. The Placing Shares and Subscription Shares (together, the \"Fundraise Shares\") represent approximately 35% of the Company's issued share capital as enlarged by the Fundraise.\n \n \n Par...