Business
£450,000 Fundraise aimed at increasing production
£450,000 Fundraise aimed at increasing production.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n\n \n \nNostra Terra Oil and Gas Company Plc\n(\"Nostra Terra\", \"NTOG\" or \"the Company\")\n \n29 July 2024\n \n£450,000 Fundraise aimed at increasing production and cash flow at Pine Mills\nNostra Terra (AIM: NTOG), the international oil & gas exploration and production company with development and production assets in Texas, USA, is pleased to announce a successful fundraise supported by institutional investors, Directors and Management, existing shareholders and new investors.\nThe Company has raised £450,000 (before expenses) through a subscription and placing of 1,499,999,998 new ordinary shares (the \"Fundraise Shares\") at a price of 0.03p per share (the \"Placing Price\") (the \"Fundraise\"). Net funds will be used to invest in a workover and ongoing development programme at its principal producing asset Pine Mills, to increase production and cash flow in the near term along with general working capital.\nPaul Welch, Nostra Terra's Chief Executive Officer, said:\n\"Today's fundraise is an important step in the rebuilding of NTOG as it enables us to put the proceeds to work into identified workover opportunities that should significantly increase production at Pine Mills. I would like to thank those shareholders and new institutional investors who supported the fundraise, and I look forward to updating everyone on our operational progress over the coming months.\"\nApplication for Admission and Total Voting Rights\nAn application will be made to the London Stock Exchange for the 1,499,999,998 Fundraise Shares to be admitted to trading on AIM (\"Admission\"). It is expected that Admission will become effective on or around 2 August 2024.\nIn accordance with the FCA's Disclosure Guidance and Transparency Rules, the Company confirms that on issue of the Fundraise Shares and following Admission, the Company's enlarged issued ordinary share capital will comprise 2,521,520,532 Ordinary Shares.\nThe Company does not hold any Ordinary Shares in Treasury. Therefore, following Admission, the above figure may be used by shareholders in the Company as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in the Company, under the FCA's Disclosure Guidance and Transparency Rules.\n \n \n \n \nDirecto...