New World Oil & Gas says that it intends to raise $35m.
The share price fell 1.12p to 9.75p, valuing the existing share capital at £13.4m.
A general meeting will be held on 15 February in order to gain approval to issue more shares.
New World has exploration assets in Belize and Denmark.
There should be enough cash to fund the development of these assets and finance further acquisitions of oil and gas assets.
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