Georgina Energy raises £1m in placing, shares fall

Georgina Energy PLC (LSE:GEX) said it has raised approximately £1 million to support its work programmes and provide general working capital, including funding for pre-drill activities.

The company issued 37.03 million new shares at 2.7p each through a placing undertaken by Clear Capital. Investors will also receive one warrant for every two placing shares, exercisable at 5p and expiring five years from admission.

In London, Georgina shares were down 17.8% changing hands at 3p.