Island Oil and Gas has completed a placing to raise about £8.3m sterling - inclusive of expenses - through the issue of almost 12 million new ordinary shares of a cent each at a price of 70 pence per share.
The placing was supported by a number of existing and new institutional and private investors.
As well as the placing shares, almost six million warrants have been issued to new shareholders, on the basis of one warrant for every two new shares subscribed for. If all the warrants are exercised, a further £4.15m will be raised for the company.
The company says the funds will support Island's planned three well drilling programmes offshore Ireland next year.
