AIM-listed Reabold Resources, an investor in upstream oil and gas projects, confirmed on Monday that it is "exploring market appetite" for a placing.
Last September, the company raised £3.96m through the placing of 792m new ordinary shares at 0.5p each. Having deployed those funds, it said there is an opportunity to exploit further investments within the sector.

"There can be no certainty as to the outcome of these discussions, but a further announcement will be made in due course."

The statement followed a Sunday Times report citing City sources as saying that the company and its advisers were looking to raise fresh capital through a placing of new shares. The paper said Reabold was thought to be planning to use some of the funds to ups it shareholdings in current investments and for new projects and investment ideas.

At 1350 GMT, the shares were down 13% to 0.59p.

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