Petro Matad Ltd (AIM: MATD) has successfully raised $9m via an over-subscribed placing and subscription with Shore Capital acting as Joint Bookrunner.

Petro Matad intends to use the proceeds to commence production via a drill program on its Block XX in Mongolia after receiving the remaining approvals necessary from Matad District to resume activity, drill the Gobi-Bear 1 exploration prospect and advance projects within its SunSteppe Renewable Energy JV.

We look forward to continuing our work with Petro Matad.

Shore Capital also acts as Nomad and Joint Corporate Broker for the Company.

For further information please contact:  

Shore Capital +44 (0) 20 7408 4090

Corporate Advisory: Toby Gibbs, Rachel Goldstein

For Shore Capital media enquiries, please contact:  

[email protected]