i3 Energy plc (LON:I3E) has confirmed the closure of its open offer share sale to existing shareholders.
It has raised some £363,732 of additional equity through the process, which was attached to the recent £16mln share placing in March and February’s £24mln loan note issue.
The company today confirmed that some 983,059 new shares will be issued to shareholders that accepted the open offer.
The new shares will be admitted to trading on AIM on or around 8 April.
I3 last month raised gross proceeds of £16mln through an oversubscribed share placing which, alongside previously agreed £24mln funding, provided sufficient support for the company to advance a multi-well drill programme at the Liberator oil field development project.
It subsequently kicked off the operations with a site survey, a precursor to the planned 2019 and 2020 drill programmes and also the construction of pipeline infrastructure.
The survey’s findings will enable the completion of an Environmental Statement, and, provide inputs for engineering planning for the anticipated three well drill programme this year.
The reports will also be included as part of Liberator’s field development plan.