On 5th February 2014, President announced a conditional placing (Placing) of 87,628,500 shares (Placing Shares) and an open offer (Open Offer) of up to 11,790,380 shares ("Open Offer Shares"), each at 35 pence per share (Issue Price).

The Open Offer has now closed and President announces that 1,403,376 Open Offer shares have been conditionally subscribed for by qualifying President shareholders under the Open Offer. This represents approximately 11.90 per cent. of the total Open Offer Shares made available for subscription under the Open Offer.

In total, President has successfully raised US$50.8 million (£31.2 million) through the Placing and Open Offer.

Tags: President Energy