Trinity Exploration & Production launches $20m share issue
Source - SMW
Trinity Exploration & Production said it had launched a $20m (£15.1m) capital raising to fund an acceleration of its onshore drilling program in Trinidad, pay down debt and pursue acquisition opportunities.
New shares in the company were issued at 15p each.
The raising included a $18m (£13.7m) firm placing, which was oversubscribed, to certain existing and new institutional investors and company directors and managers.
The company said it also intended to provide all qualifying participants with an opportunity to subscribe for up to $2.0m (£1.5m) worth of shares.
At 8:12am: (LON:TRIN) Trinity Exploration Production share price was -2.65p at 18.25p