Rose Petroleum raises £0.3m and gets a new chairman

Natural resources business Rose Petroleum confirmed the receipt of £0.3m for a subscription for 25 million new ordinary shares at 1.2p per share on Friday, as well as the appointment of Colin Harrington as its executive chairman, effective immediately.

The AIM-traded firm said application had been made to the London Stock Exchange for the new ordinary shares to be admitted to trading on AIM, which was expected to take place on or around 30 May.

Upon admission, Origin Creek Energy would have an interest in 25 million ordinary shares of the company, equivalent to 14.84% of its enlarged issued share capital.

Colin Harrington was the indirect controlling shareholder of OCE, Rose’s board explained.

“We are delighted to welcome Colin to Rose as a director and substantial shareholder,” said chief executive officer Matthew Idiens.

“Colin brings a wealth of experience to the company as it evolves and refines its growth strategy.”

Idiens said Rose was continuing to engage with prospective farm-in partners for its Gunnison Valley property in Utah, as well as screening other opportunities which could offer a route to establishing cash-generative production in the near-term.

“With interim funding now in place and the assistance of the new board members and advisers, the company will continue to work on identifying the optimal path to deliver shareholder value.”