(MENAFN- ProactiveInvestors - Australia) Tangiers Petroleum (ASX: TPT) has raised A$2 million through its Share Purchase Plan after receiving overwhelming support from shareholders.
While the company had originally sought to raise A$800,000, it decided to increase the maximum amount after receiving applications totalling A$3.8 million for the shares priced at A$0.28 each.
Together with the A$5 million in firm commitments that it has received for its two tranche placement of about 18.2 million shares, Tangiers has now raised a total of A$7 million to underpin the growth strategy being devised for Tangiers by its new board.
The funds will also be used meet work program commitments and provide additional working capital until the farm-out of its existing projects have been achieved.
Tangiers expects to complete processing of the 677 square kilometre Assaka 3D seismic survey over the Trident, TMA, and Assaka prospects in the Tarfaya Block offshore Morocco in late November.
This will further define the prospects and represents a valuable addition to the data available to potential farm-in partners.
Tarfaya, which Tangiers has a 75% interest, comprises eight contiguous permits covering an area of 15,041 square kilometres and lies around 600 kilometres southwest of Morocco's capital Rabat.
The block contains multiple prospects and leads within the Jurassic and Cretaceous sediments as well as emerging potential within the Tertiary and Triassic formations.
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