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Doriemus raises £865,200 of new funding for UK oil projects

David Lenigas’s Doriemus PLC (LON:DOR) got acceptances from existing shareholders accounting for just over 50% of its open offer share sale, though other investors have committed to taking the remainder of the new equity.

It will receive a total of £865,200.

In the open offer it will raise £434,625 by issuing 1.24bn new Doriemus shares at a price of 0.035p each. A separate share subscription will see investors take 1.23bn new shares on the same terms, giving Doriemus a further £430,500.

“This is an excellent result for a company that is quoted on the London ISDX Growth Market and the board thanks all the shareholders who have taken up their entitlements to the company’s open offer,” said executive chairman David Lenigas.

“All shareholders who requested additional shares on top of their 3 for 10 entitlements have been allocated the additional shares requested as part of this open offer.

“The company is now well placed to fund its cash calls on the exciting and upcoming Brockham sidetrack well planned for the Brockham oil field before the end of the year, and the large amount of appraisal work planned for the Horse Hill oil discovery near Gatwick Airport next year.”

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