Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V:EOG), is pleased to announce that it has conditionally raised, in aggregate, US$17 million (£12.9 million, CAD22.6 million) before expenses through an oversubscribed placing and subscription of, in aggregate, 16,159,695 new common shares (the “Common Shares”) of no par value in the capital of the Company (together, the “Issue Shares”) at a price of 80 pence per Common Share (the “Issue Price”) (the “Fundraising”).
· The Company has raised approximately gross US$17 million (£12.9 million, CAD22.6 million) by way of an oversubscribed placing and subscription
· Funds raised will be used to fund Eco’s share of up to four potential new exploration or development wells, in addition to the committed Jethro and Joe wells scheduled to drill in 2019, as well as for general corporate purposes
· Continued support from Africa Oil Corp, a substantial shareholder in the Company
Gil Holzman, President and CEO of Eco, commented:
“We are delighted with the level of support from new and existing institutional shareholders for the Fundraising which was oversubscribed. We thank existing shareholders and welcome new shareholders to the Company. The level of demand is a reflection of the quality of Eco’s acreage and the potentially transformational drilling programme ahead of us starting in 2 months. We are now very strongly funded for a potential development drilling scenario and additional exploration wells on the Orinduik block.”