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Cluff Natural Resources raises £1m

06 October 2017 09:29

Cluff Natural Resources has raised £1m, gross, through a subscription for a total of 66,666,667 new ordinary shares.

It said the subscription shares would be issued in two tranches at 1.5p apiece with the issue of 25,000,000 new ordinary shares (raising a total of £375,000) being conditional on the approval of shareholders.

It said the proceeds would be used to complete the application for additional licences under the UK's 30th Offshore Licencing Round, to allow additional time to seek to complete a farm out of the company's two 100%-owned gas licences in the Southern North Sea and to continue to pursue additional investment opportunities, as well as for general working capital purposes.

At 9:29am: (LON:CLNR) Cluff Natural Resources PLC share price was -0.15p at 1.78p

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