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President Energy brings in £31.2mln through placing and open offer

Last updated: 17:54 24 Feb 2014 AEDT, First published: 18:54 24 Feb 2014 AEDT

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President Energy (LON:PCC) said its open offer as part of the fundraising package announced earlier this month has now closed.

In total, the firm brought in US$50.8 million, or £31.2 million through the placing and open offer, which were both made on the basis of 35 pence a share.

Around 1.4 mln shares were conditionally subscribed for under the open offer, or around 11.9% of the total shares made available, it said.

It is part of the company's bid to open up a new oil and gas province in Paraguay.

Chairman Peter Levine previsouly said: "The placing will significantly strengthen our financial position and allow us to progress our expanded exploration activities this year.

"This is another milestone for the company and a major step forward as we look to grow the business. We now have considerably more opportunities as a result of our work over 2013, and we look forward to the 2014 drilling campaign in Paraguay."


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