News blog
Kea Petroleum
- BY: Andrew Hore |
- POSTED: 26/05/2015 |
Trading in the shares of Kea Petroleum has been suspended because its attempt to raise at least £3m via crowdfunding has failed.
Kea was trying to raise £3m at 1p a share using the PrimaryBid.com crowdfunding platform that is aimed at retail investors.
PrimaryBid is an offshoot of finance provider Darwin Strategic and it charges a percentage of the money raised. Darwin has previously provided funding for Kea.
Fellow oil and gas company Ascent Resources joined the crowdfunding platform in March and at the beginning of May it raised £550,000 at 0.2p a share.
The Kea fundraising was extended to 22 May but it could still not raise the cash it required. Working capital is in short supply and the company is talking to potential farm-in partners for its oil and gas assets. The shares were suspended at 1.15p pending clarification of the company’s financial position.
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