Reabold Resources fundraising plans sink shares

The price of shares in AIM-listed upstream oil and gas investor Reabold Resources (LON:RBD) has dropped by 7.09% to 1.02p (as of 15:40 BST) after it confirmed that it was in discussions with potential investors regarding a £20-24 million fundraising.

The funds would be used to increase the company’s stake in Rathlin Energy and to accelerate its two permitted well work programmes.