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Petro Matad Ltd Announces Fundraising

Wednesday, 12 Jun 2013 06:15am EDT 

Petro Matad Ltd announced that it has raised $5 million before expenses through the issue of 90,612,540 ordinary shares (the New Shares) of USD0.01 each to its largest shareholder Petrovis Matad Inc. (Petrovis) (the Funding). The New Shares have been issued to Petrovis at an issue price of $0.0356 per ordinary share. The net proceeds of the Funding, along with the Company's existing cash reserves of approximately USD2.1 million will enable Petro Matad to undertake field operations during the current 2013 field season. 

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