Magnolia Petroleum has raised £565,000 via the issue of 23,529,411 new ordinary shares to Henderson Global Investors (the "Placing Shares") and 3,058,824 new ordinary shares to Directors, an employee and an adviser to the Company (the 'Subscription Shares') at a price of 2.125 pence per share (together the 'Fundraising').

As part of the placing, Henderson will receive 12,000,000 warrants with a deemed exercise price of 2.75p per share (the 'Warrants'). The Warrants are subject to a cashless exchange right, exercisable at the discretion of the holder but not prior to 18 December 2012.

Tags: Magnolia Petroleum