Cove Energy to raise £110m

ENERGY 
DAVID HELLIER 
COVE Energy, the AIM-listed energy group, yesterday said it was raising £110m via a placing of 145m new shares at 76p each.
The placing price is at a 4.1 per cent discount to the last closing price.
The net proceeds of the placing, together with Cove’s existing cash balances, will be used to fund the group’s share of anticipated costs relating to its existing assets in Mozambique, Tanzania and Kenya and potential new opportunities.
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Source: City A.M.