Tangiers Petroleum (LON:TPET, ASX:TPT) is to raise $1.2mln to bolster working capital and support the company as it assesses new ventures.
It will place 200mln new shares at a price of $0.006 each.
The dual listed stock remains suspended in both London and Australia pending news on the costs of the unsuccessful, recently drilled TAO-1 well offshore Morocco.
Completion of the placing will be conditional upon shareholder approval at a general meeting scheduled for October 20 2014.
The new shares would represent about 80% of the company’s currently issued shares (of which there are 249mln) and the placing price is at a discount to the ASX share price of $0.038 cents at the time of suspension on August 5.
Earlier this week Tangiers said it expected the trading of its shares to resume on Wednesday September 24.
