Kea Petroleum is pleased to announce a placing of up to 35,700,000 Units at 14p per unit, to raise up to £5,000,000. Each unit consists of two ordinary shares of 1p each, fully paid, and one warrant, entitling the holder to subscribe in cash for a further ordinary share at 10p prior to 31 May 2015. The notional price of 7p per share represents a premium of 9.8% to yesterday's closing price.

Kea has received unconditional commitments to subscribe for 21,428,571 Units, representing a committed investment of £3,000,000.

The placing remains open until 12 noon (BST) on 10 May 2013. Application will be made for the ordinary shares comprised within the Units to be admitted to AIM and dealings are expected to commence on 16 May 2013.

Tags: Kea Petroleum