Source - SMW
Mosman Oil & Gas Ltd has raised £600,000 via a placing and subscription of 42.9m new shares at 1.4p each.

Mosman's strategic objective remained to identify opportunities that would provide operating cash flow and have further development upside, in conjunction with adding value to our existing exploration permits.

The placing would allow Mosman to progress its growth strategy following the recent acquisition of interests in two producing oil properties in the USA being: a 50% interest in, and operatorship of, the Strawn Oil Project in Texas (Strawn); and, an initial 10% interest of the Arkoma Stacked Pay Acquisition in Oklahoma (Arkoma).

"The proceeds of the placing will be put towards the ongoing development of these two US onshore oil production assets to increase production and cash flow, for general corporate working capital purposes and for the ongoing costs associated with the review and due diligence on other acquisition opportunities that are being evaluated."