PERTH (miningweekly.com) – Oil explorer Pura Vida Energy has launched a A$7-million capital raising to progress its Nkembe block, offshore Gabon, towards the completion of a farm-out, a new three-dimentional seismic, and for general working capital.
Under the terms of the raising, Pura Vida would issue some 12-million shares, at 58c each, to institutional and sophisticated investors.
As the raising fell under the company’s 15% placement capacity, shareholder approval was not required.
MD Damon Neaves said that the placement, along with the receipt of $15-million at the end of the farm-out of Pura Vida’s Mazagan permit, offshore Morocco, would put the company in a very strong financial position ahead of multiple-year-term catalysts.
“We are very pleased with the overwhelming interest received for this placement,” said Neaves.