Reabold raises £2.65m via placing

Oil and gas investor Reabold raised £2.65m on Tuesday via a placing of 240.9m new ordinary shares at a price of 1.10p each - a 29% premium to both the price at which it last raised funds and its 90-day volume weighted average price.

Reabold intends to use the proceeds of its fundraiser for further strategic investment into its current portfolio and potentially into further investment opportunities.

Following admission, the AIM-listed company will have 4.06bn ordinary shares in issue.

Co-chief executive Stephen Williams said: "In less than a year, Reabold has taken part in seven high-impact wells, the most recent of which being the potentially transformative West Newton A-2 appraisal well.

"We are delighted by this progress and, considering the potential of our existing portfolio, we now intend to invest further into these companies to facilitate further drilling activity."

As of 0940 BST, Reabold shares had climbed 9.45% to 1.17p.