Madagascar Oil £50mln fundraising completed successfullyWednesday, February 13th, 2013
Madagascar Oil (LON:MOIL) said it has raised the full £49.5mln from its placing and open offer.
A total of 173.3 mln shares were taken up as part of the open offer. The remainder, around 104 mln shares, were placed with investors at 18 pence.
The cash injection will be used to complete the steam flood test pilot at its Tsimiroro heavy oil field in Madagascar.
Separately the group said a £9.6mln (US$15mln) bridge loan had been repaid in full along with a £1.9mln (US$3mln) break fee, which has been satisfied in shares.