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Borders & Southern Petroleum (AIM:BOR) shares fell 10% after it announced it had raised £1.5 million to support the development of its Darwin Gas Condensate discovery in the Falkland Islands. The funding comes from a share placing and a subscription by the company's directors, with 100 million new shares issued at 1.5 pence each—a 16.67% discount on the previous day's closing price.
Borders & Southern Petroleum (AIM:BOR) shares slumped nearly 40% after unveiling a dilutive and discounted £2.5mln equity raise, with proceeds earmarked to pay licence and other fees as it seeks to advance the Darwin project in the Falklands. News that it is selling 142mln new shares priced at 1.75p each, saw the market price of the share drop to 1.98p - versus Tuesday's closing price of 3.15p.
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