Prospex Energy launches retail offer alongside placing

(Sharecast News) - Prospex Energy launched a retail share offer via the Winterflood Retail Access Platform (WRAP) on Wednesday, to raise up to £0.5m through the issue of new ordinary shares at 4.5p each. The AIM-traded firm said the WRAP Retail Offer was open to existing shareholders in the UK, and would run until 1630 BST on 27 June, subject to demand.

It noted the offer could be increased at its discretion.

The offer was running alongside a £1.03m placing and subscription, also priced at 4.5p per share, which was announced separately.

It said the price represented a discount of around 4.4% to the closing price on 24 June.

Proceeds from the retail offer would be used for the same purposes as those from the placing and subscription, to fund ongoing operations on the company's three main producing assets onshore in Spain and Italy.

Completion of the WRAP retail offer was conditional on the successful admission of the placing and subscription shares to trading on AIM, expected at 0800 BST on 3 July.

Prospex said the offer reflected its commitment to providing retail investors with the opportunity to participate in the fundraise alongside institutional investors.

At 1229 BST, shares in Prospex Energy were dwon 3.27% at 4.55p.

Reporting by Josh White for Sharecast.com.