Egdon Resources has successfully completed a placing of 12,000,000 new ordinary shares (the "Placing Shares") at a placing price of 25 pence per share to raise approximately £3.0 million (the "Placing").
The proceeds of the Placing will be used to strengthen the Company's working capital position ahead of commencement of drilling operations in the East Midlands.
Details of the placing:
The Company has raised approximately £3.0 million by way of a placing of 12,000,000 Placing Shares at 25 pence per share. These Placing Shares will represent approximately 8.29 per cent of the enlarged issued share capital of the Company.