Oklahoma based, dual listed Red Fork Energy (ASX:RFE, OTCMKTS:RDFEF) has lifted the capital raising bar, managing to raise $47.7 million from a placement at A$0.43 per share to institutional and sophisticated investors.
As impressively, the issue was not underwritten, funds raised will see the oil and gas exploration and production company continue development of its Big River Mississippian project.
It will allow increased participation in non-operated wells and fund a potential acquisition of ~2,000 acres within one of the company’s core areas and provide additional working capital.
Over the past six months there has been strong growth in production and reserves. The placement will support a lending facility.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.