Petro Matad (GB:MATD) has released an update.
Petro Matad Limited, a Mongolian oil company listed on AIM, announces its intention to raise $9 million through a Capital Raising initiative, which includes a placing, a director and shareholder subscription, and a retail offer. The funds are earmarked for the development of the Heron-1 oil production, the drilling of the Gobi-Bear 1 exploration well, and renewable energy projects. CEO Mike Buck and the company’s largest shareholder, Petrovis, are set to participate significantly in the subscription.
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