Source - LSE Regulatory
RNS Number : 9227B
Petrel Resources PLC
26 September 2018










26th September 2018


Petrel Resources plc

("Petrel" or "the Company")


Placing to raise £400,000


The Directors of Petrel (AIM: PET) are pleased to announce that the Company has raised £400,000 (before expenses) via the placing of 21,621,622 ordinary shares (the "Placing Shares") with new investors at a price of 1.85p per Placing Share (the "Placing").  The Placing Shares represent approximately 20.68% of the Company's issued share capital, as enlarged by the Placing.


The net proceeds of the Placing will fund any costs associated with the ongoing negotiations regarding the Company's Ghanaian assets and will also provide the Company with additional working capital, as the Company's board continues to assess new projects.


The Placing shares will rank pari passu with the Company's existing ordinary shares of €0.125 each (the "Ordinary Shares").  Application will be made for the Placing Shares to be admitted to trading on AIM ("Admission") and it is expected that such Admission will become effective on or around 11th October 2018.


Following the Admission of the Placing Shares, there will be a total of 104,557,246 Ordinary Shares in issue with each share carrying the right of one vote.  The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.


This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.















For further information please visit  or contact:




Petrel Resources

John Teeling, Chairman

+353 (0) 1 833 2833

David Horgan, Director

Nominated Adviser and Broker

Northland Capital Partners Limited

David Hignell / Edward Hutton (Corporate Finance)

+44 (0) 20 3861 6625

Rob Rees / Isabella Pierre


Joint Broker

Novum Securities Limited

Colin Rowbury

+44 (0) 207 399 9400


+44 (0) 207 138 3206

Simon Woods

+44 (0) 746 643 9633

Camilla Horsfall

+44 (0) 787 184 1793


Teneo PSG

Luke Hogg

+353 (0) 1 661 4055

Alan Tyrrell

+353 (0) 1 661 4055


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