Petrel Resources raises €2m from shareholders

PETREL Resources, listed on the Irish secondary market, has raised £1,840,500 (€2.06m) involving subscriptions from three long-standing institutional shareholders.

The company, led by chairman John Teeling and chief executive David Horgan, said the stakeholders wanted to raise their holding in the company for some time.

The capital was raised through the placing of 4,090,000 shares at a price of 45p.