InfraStrata Completes Private Placement Of Shares For US$1 Million

Published: Feb 27 2017
Deal Summary

InfraStrata plc, an independent petroleum exploration and gas storage company, completed the private placement of 162 million (MM) shares, at a price of £0.005 (US$0.006) per share, for gross proceeds of £0.81 MM (US$1.01 MM). The company received net proceeds of approximately £0.74 MM (US$0.92 MM).

Allenby Capital Limited acted as placement agent to the company for the placement. The company intends to use the proceeds from the placement for the repayment of baron oil loan, working capital and commencing the first phase of Front-End Engineering Design (FEED).

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