A new RNS came out this morning for the AIM-quoted Oil & Gas minnow Nostra Terra Oil & Gas confirming the successful placement and raising of £2 000 000 of funds.
Nostra Terra, the AIM oil and gas producer with projects in the USA, is pleased to announce that it has successfully raised £2,000,000 before expenses by way of a placing of 333,333,335 new ordinary shares of 0.1p each in the capital of the Company (“new Ordinary Shares”) at 0.6 pence (“Placing Price”) per new Ordinary Share (the “Placing”). The Placing was undertaken with existing and new investors. In addition, Sir Adrian Blennerhassett, the Chairman, subscribed for 500,000 new Ordinary Shares.
The net proceeds of the Placing will be used for working capital purposes.
The 333,333,335 new Ordinary Shares to be issued pursuant to the Placing will rank pari passu in all respects with the existing issued ordinary share capital of the Company. Application has been made for the new Ordinary Shares to be admitted for trading on AIM and trading is expected to commence on 6 July 2011.
Commenting on the placing, Matt Lofgran, Chief Executive Officer of Nostra Terra, said:
“Nostra Terra is delighted to have secured the support of both retail and institutional investors for its strategy of acquiring a diverse pipeline of assets in established oil and gas plays. This fundraising allows us to step up the pace in our activities”.