Oil and gas explorer Pantheon Resources said its planned capital raising had been significantly over-subscribed.
The company said it would raise around $10.7m, at an issue price of 18p per share.
'This fundraising will allow us to continue the permitting, engineering, geological and geophysical work necessary to plan for drilling operations this coming winter, and to position us better for farmout discussions, which I am pleased to report have already commenced,' chief executive Jay Cheatham said.
'Pantheon will be seeking a significant up-front payment as well as a carried work program on future operations.'
At 8:45am: (LON:PANR) Pantheon Resources PLC share price was +0.52p at 18.91p