Eco (Atlantic) Oil & Gas Ltd. (LSE:ECO) has secured US$10 million through a non-brokered private placement backed by Israeli institutional investors. The financing involved the issue of approximately 26.9 million new common shares at a price of 27.5 pence per share, together with an equal number of three-year warrants exercisable at 40 pence.
The fundraising will result in dilution of around 8% of the company’s existing issued share capital. Proceeds are intended to reinforce the balance sheet and fund accelerated geological and geophysical studies, new venture evaluation, and general corporate purposes across Eco Atlantic’s offshore licence portfolio in Guyana, Namibia and South Africa. Completion of the placement remains subject to regulatory approvals and the admission of the new shares to trading on AIM and the TSX Venture Exchange.
The capital raise provides Eco Atlantic with additional financial flexibility as it progresses exploration activity across the Atlantic Margin, positioning the company to advance technical work programmes and pursue disciplined growth opportunities in its core basins.
More about Eco Atlantic Oil & Gas
Eco (Atlantic) Oil & Gas Ltd. is an exploration-focused oil and gas company listed on AIM and the TSX Venture Exchange, with offshore licence interests in Guyana, Namibia and South Africa. The group concentrates on Atlantic Margin basins, including the Guyana–Suriname, Walvis and Orange basins, targeting relatively low carbon intensity oil and gas prospects in emerging markets with access to existing infrastructure and a focus on disciplined capital deployment.
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