Independent Oil and Gas (LON:IOG) shares soared has told investors it has instructed Darwin Strategic to sell 1.47mln shares at a premium price in order to raise funds.
The shares will be sold at a price of 23.79p; the share price was previously 9p on Wednesday’s close.
Proceeds from the share sale will partially repay a loan and also provide two months of additional working capital.
The remainder of the outstanding loan will now be extended by three months to September 4 2015.
IOG said it continues to make good progress towards securing longer term funding.