Reabold Resources (AIM:RBD) plc said that a group of US-based strategic investors, led by Rohan Oza, has conditionally agreed to subscribe for new shares at a placing price of 0.1p per share, raising gross proceeds of £1.9m.
Net proceeds will be used primarily to progress the West Newton project, including funding the recompletion of the A-2 well, expected in the coming months.
Sachin Oza, Co-CEO, said: "We are delighted to receive the commitment from this group of high-quality and high-profile strategic investors into Reabold at what is an extremely exciting time for the company.
