US onshore oil and gas formations investment business North American Petroleum has floated on ICAP’s, ISDX Growth Market and successfully completed a £2 million fundraising.
The company will use the funding raised on ISDX to fund the acquisition of leases and participation in the drilling of wells alongside other operators.
As part of the flotation, the natural resources firm has signed up to a ‘non-exclusive relationship’ with AIM-listed Magnolia Petroleum plc.
Stefan Olivier, managing director of North American Petroleum, says that, the company has a bright future with a low cost, low risk business model which is focused on generating high returns through acquisitions and development of leases in historic US onshore oil and gas formations. Olivier also says that the company has lined up a number of opportunities and will now look to begin the process of building its net production and reserves.
The ISDX Growth Market helps dynamic, small- and mid-cap companies from a range of industry sectors to raise funding to support growth. It is a proven source of equity finance that is particularly attractive to smaller growing companies considering joining a public market for the first time. The admission process and ongoing regulation of the ISDX Growth Market are designed to enable companies to focus on running their business rather than spending time fighting red tape and over regulation.
The flotation of North American Petroleum comes following other successful ISDX flotations. Web hosting business Daily has raised £550,000 through a placing on the ISDX Growth Market. Having completed the recent fundraising on ISDX the company intends to move to AIM in the longer term once the company has achieved ‘critical mass’.
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