UK-based oil and gas development company i3 Energy PLC announced plans to raise about 16 million pounds ($21.2 million) through a share placing offering.
The company plans to offer shares at $0.49 each and expects to also carry out an open offer at the same price to raise a further $2.6 million.
i3 Energy will use the net proceeds to finance its 2019 multi-well appraisal and development drilling programme on the Liberator oil field in the UK North Sea.
Canadian financial services firm Canaccord Genuity Group Inc., GMP FirstEnergy, and WH Ireland Group PLC have acted as joint book-runners on the deal.