Predator Oil & Gas (PRD) has conditionally placed 20 million shares at 5p to raise £1 million.
The money raised will be used to fund the acquisition of Challenger Energy Group's business interests and operations onshore Trinidad, as well as to start the environmental impact assessment and advance design of MOU-3 gas development facilities.
A significant number of warrants have also been issued at a 5p exercise price.
"Completion of the transaction to acquire Challenger Energy Group's business interests and operations in Trinidad is expected to occur shortly,” said Paul Griffiths, chief executive of Predator Oil & Gas.
“The company is electing to settle the balance of the consideration due at completion in cash rather than through the issue of shares at a time when we are focussed on our strategically important operations in Morocco. Additional funds will help drive the next stage of our operations in Morocco focussed on the optimum gas development option under the terms of our collaboration agreement for gas marketing with our local partner. Additional funds are also being assigned to accelerating the maintenance overhaul of an in-country rig suitable for drilling the Snowcap-3 Appraisal well in Trinidad. This option will significantly reduce well costs."
View from Vox
An opportune moment for Predator to boost its coffers ahead of some significant upcoming newsflow. The company is now in a strong position to deliver on its plans.