ECO has announced a successful placing and subscription that has raised £12.9m at 80p, a small discount in what was well oversubscribed. This will more than cover the cost of four more wells after the two currently planned for this summer.
Not surprisingly Africa Oil continues to support Eco, they know a good thing when they see one and the company has gained a bunch of high quality institutional clients and only diluted by 8.9%.
This raise means that the company is equipped for every scenario and will have no questions to answer on the funding front for the foreseeable future. This summer just got a lot more exciting for Eco shareholders…