Mark Routh of Prospex Energy: funds raised will more than double the company's current holding in Selva
Mark Routh, CEO of Prospex Energy #PXEN explains how they will used the cash raised to more than double the company's current holding Selva Field in Italy.
Highlights from Conditional Placing and Subscription to raise £2.395 million and Notice of General Meeting
· Proceeds of the fundraising will be used to:
o Acquire 20% of the Selva Field in Italy, more than doubling the company's current holding from 17% to 37%, estimated to add 2.7 billion cubic feet ("Bcf") of 2P gas reserves to Prospex's portfolio
o Fund the development costs of the Selva project to first gas expected in Q1 2023
· Full Director participation in the subscription
· Existing shareholders who have not had the opportunity to participate in the placing, will be able to do so now at the same placing price through Broker Option Shares via Peterhouse Capital Ltd (contact details below) to raise up to a further £0.24 million
· Proposed removal of pre-emptive rights over 41.3 percent of the enlarged share capital to allow the Company to capitalise on the fast-moving opportunities within the energy sector and advance its existing portfolio
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