Meridian Petroleum Plc (MRP.L) said it is to adopt a transformational strategy aimed at significantly increasing its reserves and resources with the initial steps underpinned by an institutional placing and open offer to all shareholders to raise £6.9 million or US$11.3 million.
The company stated that it has conditionally placed 22.25 million new ordinary shares at 25 pence per share to raise £5.6 million (around US$8.9 million) before expenses.
Meridian Petroleum noted that it is proposed that Michael Cochran will be appointed to the board as exploration director, immediately following Admission. It is also proposed that John Hamilton and Christopher Hopkinson will be appointed as non-executive directors immediately following Admission.
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