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An update from Eco Atlantic Oil & Gas ( (TSE:EOG) ) is now available.
Eco (Atlantic) Oil & Gas has raised US$10 million via a non-brokered private placement with Israeli institutional investors, issuing 26.9 million new common shares at 27.5 pence each alongside an equal number of three-year warrants exercisable at 40 pence. The capital increase, which will dilute existing shareholders by around 8% of the current issued share base, is intended to strengthen the company’s balance sheet and accelerate geological and geophysical work, new venture screening and general corporate activities across its licences in Guyana, Namibia and South Africa, subject to regulatory approvals and admission of the new shares to trading on AIM and the TSX Venture Exchange.
More about Eco Atlantic Oil & Gas
Eco (Atlantic) Oil & Gas Ltd. is a TSX-V and AIM-quoted exploration company focused on the Atlantic Margin, with offshore oil and gas licence interests in Guyana, Namibia and South Africa. The group targets low carbon intensity oil and gas opportunities in stable emerging markets close to existing infrastructure, operating key blocks in the Guyana-Suriname, Walvis and Orange basins where it seeks to create value through exploration and disciplined capital allocation.
For a thorough assessment of EOG stock, go to TipRanks’ Stock Analysis page.