By Christian Moess Laursen
Zephyr Energy said Tuesday that it has raised 3.15 million pounds ($3.9 million) via a share placing and subscription and will use the money for capital expenditure at its Paradox Basin project in Utah, U.S.
The London-listed U.S.-focused energy company has issued 90 million new ordinary shares at 3.5 pence each, a 5.7% discount to Monday’s closing price of 3.70 pence.
“The funds raised will enable the company to continue delivering on its key strategic objective of bringing the Paradox project into commercial production over the coming months, while bridging to the significant revenues expected from both the Paradox project and the company’s Williston assets,” Chief Executive Colin Harrington said.
Write to Christian Moess Laursen at christian.moess@wsj.com