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Falkland Oil raises 7.6 million stg in placing

Your Industry News – Falkland Oil and Gas Ltd (FOGL.L: Quote) said it conditionally raised about 7.6 million pounds ($11.8 million) to help fund capital expenditure on long-lead drilling equipment, and general and administrative costs through 2010 into 2011.

The AIM-listed oil and gas explorer said it issued about 10.4 million new shares to certain directors and institutional investors at 73 pence apiece, representing a 19 percent discount to the shares’ closing price of 90 cents on Tuesday.

Falkland Oil said it placed 1 million of the placing shares with one of its founding shareholders, RAB Special Situations (Master) Fund Ltd, managed by hedge fund manager RAB Capital Plc (RAB.L: Quote).

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