Clontarf Energy PLC on Thursday said it has raised £350,000 via a placing and subscription of 437.5 million new shares at 0.08 pence per share.

Clontarf Energy shares were down 10% at 0.092p on Thursday morning in London. The company has a market capitalisation of £4.4 million.

The lithium and oil & gas exploration and production company focused on South America and Africa said the placing shares represent 8.4% of its enlarged capital.

The firm said the proceeds of the shares placing will be used to advance its lithium projects in Bolivia and its petroleum projects in Ghana and Australia, as well as projects elsewhere.

Copyright 2023 Alliance News Ltd. All Rights Reserved.