Pancontinental Energy Raises $2m for PEL 87
- Pancontinental Energy (PCL) raises $2 million through a placement to fund exploration activities and business development
- The company issued 400 million new shares at a price of 0.5 cents each, representing a 16.7 per cent discount from PCL’s closing price on Tuesday
- The funds will mostly be directed towards its operations offshore Namibia, but will also be used for working capital
- With licence renewal issues flagged at PEL 37 in the Walvis basin, the company will mostly be focussing activities at PEL 87 in the Orange Basin
- Shares are trading in the grey at 0.6 cents each at 1:29 pm AEST
