Geo Energy Resources has raised gross proceeds of $18.4 million by placing out new shares to a group of investors.
Based on today's closing price of 61.5 cents, which lifts the company's market cap above $1 billion, these investors are already in the money as they subscribed for the new shares at 52.5 cents.
The investors include Asdew Acquisitions, Ascend Open Master Fund, Icham Master Fund, Han Seng Juan, one of the two controlling shareholder of Centurion Corp.
"We are proud of the strong demand and interest in Geo Energy from reputable institutional funds and top-tier investors, as seen in the fully subscribed placement exercise," says Antonny Melati, Geo Energy's executive chairman and CEO.
"This reflects their confidence in Geo Energy’s strategic direction, growth prospects, and ability to execute our plans," he adds.
