Star Energy Group (AIM:STAR), a British oil and gas producer, said it has completed the placing to support plans to materially grow production, the proposed fundraising comprising a placing of up to £8.4m at 15p per share, a directors' subscription to raise £31,000 and a retail offer to raise up to £0.6m.
The company says the proceeds will give it the platform to move forward with its plans to materially grow production.
"This successful Placing represents a clear vote of confidence in Star Energy, our people and our strategy," said Ross Glover, Chief Executive Officer.
The Issue Price of 15p represents a 9.2%. Discount to the closing price of 16.25p on 30 April.
All directors have agreed to subscribe for a total of 206,665 new shares, representing 0.16%.
The fundraising remains conditional on shareholder approval at a general meeting to be held at 10:30 am on 18 May.
Zeus Capital acted as nominated adviser, broker and bookrunner to the company and VSA Capital acted as agent.
