Oil firm to raise £2.6m

 

Exploration group Celtic Resources is raising €3.3 million (£2.6 million) in a share placing, with the proceeds earmarked for the group's Nezhdaninskoye gold prospect in Kazakhstan, as well as the development of a small oil deposit also in Kazakhstan.

Celtic is placing a total of 21.8 million shares at 15.3 cents each, while the fund-raising also involves warrants over a further 7.25 million shares. The first tranche of the placing involving 3.44 million shares has been completed while the remainder of the placing involving 18.3 million shares is expected to be completed in October subject to shareholder approval.