- Po Valley Energy (PVE) raises $4.5 million through a placement to commence construction at the Podere Maiar gas field in Italy
- In addition, the company will use the funds to advance geology and geoscience work program on Selva North, South, and East
- It will also be directed toward planning for a 3D seismic program on the greater Selva Malvezzi concession and exploring way to realise value at Teodorico
- The money will be raised through the issue of more than 81.82 million new shares to professional and sophisticated investors at 5.5 cents each
- Shares are trading 12.5 per cent lower at seven cents each at market close
Po Valley Energy (PVE) has raised $4.5 million through a placement to commence construction at the Podere Maiar gas field in Italy.
In addition, the company will use the funds to advance geology and geoscience work program on Selva North, South, and East.
It will also be directed toward planning for a 3D seismic program on the greater Selva Malvezzi concession and exploring way to realise value at Teodorico.
More than 81.82 million new shares will be issued to professional and sophisticated investors at 5.5 cents each.
The company said the capital raise gives it the funds required to reach first gas production.
Chairman Kevin Bailey said gas production is expected in the first half of 2023.
“Po Valley Energy is on track to connect Podere Maiar 1 well to the grid and supply Italy with much-needed domestic gas as the country moves towards greater energy security,” he said.
Shares were trading 12.5 per cent lower at seven cents each at market close.