HomeFinTechProminence Energy: Raises $800K for Bowsprit

Prominence Energy: Raises $800K for Bowsprit

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  • 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
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