Sound Oil (LON:SOU) revealed its £1.6mln open offer was well received, with demand exceeding the number of shares available.
A maximum of 38.34mln new shares, priced at 4.2p, could be sold through the underwritten open offer. Sound Oil said that applications for ‘excess entitlements’ were 2.5 times oversubscribed.
The open offer was one part of a £3.1mln funding launched last month, in which is also arranged a £1.5mln asset backed loan.
The money will support the company as it works to bring in funding partners for the flagship Nervesa appraisal and development project and the Badile exploration venture.
