Shares in Petro Matad Limited (AIM:MATD, OTC:PRTDF) sank over 35% on Friday following the AIM quoted Mongolian oil company’s latest equity fundraising.
Close to 200 million new shares were added to the free float at a discounted price of 2.5p each plus a further 20 million shares in a retail offer for a combined US$6.5mln (£5.3mln) in capital raised
Shares are expected to be admitted to the junior market on February 10.
Petro Matad shares were changing hands at 2.64p with a market value of £23.5mln as of 9.00am on Friday.