Petro Matad (GB:MATD) has released an update.
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Petro Matad Limited, a Mongolian oil company listed on AIM, has successfully raised GBP 7.0 million (US$8.9 million) through an oversubscribed placing and subscription of new shares at a price of 2.0 pence each. Notably, both a substantial shareholder and the company’s CEO participated in the subscription, which will result in the issuance of 350 million new shares and represent approximately 24% of the enlarged share capital. The funds are expected to assist in the exploration and potential development of the company’s oil interests in Mongolia.
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