- Prominence Energy (PRM) has agreed to undertake a share placement to raise $800,000 before costs
- More than 114.2 million shares will now issued to new and existing sophisticated investors at 0.7 cents
- Prominence Energy will use the funds to advance the Bowsprit farm-out project and fund reviews of new assets
- Bowsprit lies 70 kilometers southeast of New Orleans in Louisiana and covers an area of 4.67 square kilometers
- Prominence Energy is now planning to drill a vertical pilot hole at Bowsprit to evaluate the prospective reservoirs
- On market close, shares in Prominence Energy are down 11.1 percent and trading at 0.8 cents
