Angus Energy raises £7.09m in discounted share placing

Angus Energy said on Monday that it has raised £7.09m in a discounted share placing, partly for the acceleration of field development and production.

The funds will also be used for the development of storage at its Saltfleetby facility and to cover cost overrun and hedge payments.

The company raised gross proceeds of £1.89m through the placing of 115m ordinary shares, and £3.7m through the issue of just over 226.21m shares at 1.65p a share.

It has also conditionally raised a further £1.5m through a subscription of just over 89.78m shares, also at 1.65p per share.

The fundraising price represents a discount of around 11% to the closing share price on Friday.

At 1240 GMT, the shares were down 18.4% at 1.52p.