RARE ALERT: Cabot Energy said to be working multi-million pound placing
Aim-listed oil and gas company Cabot Energy is working on a a multi-million pound equity fundraising.
According to sources claiming to be familiar with the matter, Cabot Energy is looking to raise up to £15 million via a placing.
However, it's not clear what price the new shares will be issued at. Sources also said it's unclear what the fresh capital is for.
Cabot Energy's main asset is an onshore light oil production project in Canada, according to its website.
Betaville has asked a spokesperson for Cabot Energy to comment. If the spokesperson does comment, Betaville will update the article with the spokesperson's comment.
To be clear, some of this story is RARE! For readers unfamiliar with the RARE concept I will define it below.
Market gossip that hasn't been tested through formal journalistic channels (public relations executives, bankers etc). The rumour might be total codswallop but then again there may be something in it, so it's worth airing on Betaville.