1947 Oil & Gas shares begin trading on AIM after £50m raise

1947 Oil & Gas plc began trading on the Alternative Investment Market (AIM) of the London Stock Exchange today, having raised £50 million through the issuance of 500 million ordinary shares. The company acquired Renaissance Offshore Holdings LLC, with 202.5 million shares allocated to the acquiring entity and 297.5 million shares offered to new investors.

The company now has 651,056,000 shares in issue and a market capitalization of around £65.1 million. The acquisition is expected to bolster 1947's cash reserves for working capital and admission costs, as well as provide the necessary funds for the acquisition of Renaissance Offshore, LLC.

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