Lekoil raises $12.4m

Lekoil has raised gross proceeds of approximately US$12.4 million through a placing of 48.33 million new ordinary shares at 21p apiece via an accelerated book-build.

The net proceeds will be used to fund the final amount of expenditure to bring Otakikpo into commercial production, which is expected to occur in the coming weeks.

The balance of the net proceeds will be used for general corporate and working capital purposes. The Placing Price represents a 3.4 per cent. discount to the closing mid-market share price of the company of 21.75 pence on 14 October.