Tangiers Petroleum Limited has raised $4 million, before costs, through the placement of 25 million shares at 16c each to specified wholesale, institutional and sophisticated investors in Australia. The raising is in addition to an initial $5 million share placement, also at 16c a share, announced by Tangiers earlier this month (see ASX release dated May 13, 2014).

At the time of the initial placement the Company had planned to raise up to $10 million. Cautious investor demand following Tangiers' prolonged period of suspension from share market trading resulted in the Company raising only $5 million.

Tags: Tangiers Petroleum Limited