Shore Capital is delighted to have acted as Joint Bookrunner for Petro Matad Limited (AIM: MATD) on a US$6m placing and subscription to fund the progression of their current operations, including the development of renewable energy projects.

With a market capitalisation of £37m before the transaction, Petro Matad is a group focused on oil exploration, development and production in Mongolia. The Group is currently focusing on developing the Heron oil discovery but continues to seek new opportunities in the energy sector of Mongolia in both conventional oil exploration and production activities, but also in the renewable sector.

Renewable energy project opportunities in Mongolia are significant and supported by Government policies. The proceeds will enable the Company to undertake project development alongside its partner, Wolfson, in a newly formed JV called SunSteppe Renewable Energy. Wolfson has a proven renewable energy project development track-record in Mongolia and the JV has identified a number of priority opportunities.

For further information please contact:  

Shore Capital +44 (0) 20 7408 4090

Corporate Advisory: Toby Gibbs/John More/Rachel Goldstein

For Shore Capital media enquiries, please contact:  

Will Poulton: +44 (0)74 8038 3738

Note to editor

About Shore Capital

We are an independent securities business offering institutional and corporate clients leading investment banking, research, sales and trading services, including fixed income.  We are represented across the UK enabling extensive distribution and institutional coverage. This distribution capability is complemented by our experienced corporate advisory and broking team who offer discreet, innovative and valued advice to companies on both the Main Market and AIM.  Shore Capital is also the 3rd largest market maker by number of AIM stocks covered.

Our cross-disciplinary team has deep, market leading experience in a wide range of small and mid-cap UK companies within the following sectors: Consumer, Financials, Healthcare, Insurance, Natural Resources, Real Estate, Support Services, Technology and Media. Our research on over 250 companies is distributed to an extensive institutional client base in the UK, Europe and US.

Shore Capital is a trading name of both Shore Capital Stockbrokers Limited and Shore Capital and Corporate Limited.