Georgina Energy (LSE:GEX) fell 17.8% to 3.0p after raising about £1m through a placing of 37.04m shares at 2.7p, the company said.
Investors in the placing will receive one warrant for every two placing shares, equating to 18.52 million Investor Warrants exercisable at 5p and expiring five years from Admission.
The placing shares represent approximately 22.36% of the enlarged share capital. The raise was undertaken by Clear Capital, which will also be issued 2.22 million Broker Warrants exercisable at 2.7p and expiring five years from Admission.
The company said the net proceeds of the Placing will be used primarily to advance the work programmes and for general working capital.
