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Petro Matad ( (GB:MATD) ) just unveiled an update.
Petro Matad Limited announced a proposed capital raising of at least USD$2.25 million through a placing and subscription of new ordinary shares at a discounted price. The funds will primarily be used to reduce operating costs at Heron-1 by switching to grid electricity and to explore production opportunities in Block XX, with any additional funds supporting renewable energy projects and exploration in Block VII. This initiative aims to enhance production revenue and attract investors for its renewable ventures.
More about Petro Matad
Petro Matad Limited is a Mongolian oil company listed on the AIM market. The company focuses on oil exploration and production, with a market emphasis on developing its assets in Mongolia.
Average Trading Volume: 6,380,885
Technical Sentiment Signal: Sell
Current Market Cap: £18.55M
Learn more about MATD stock on TipRanks’ Stock Analysis page.