Published on: August 9, 2021

Completed fundraise provides flexibility

Petro Matad has now completed its financing which has raised approximately US$10.5 million. This will give the company sufficient funds to start the initial development phase of the Heron field in Block XX in Mongolia where it currently has a 100% working interest. We believe that this fundraise leaves the company in a stronger position. Although the company is still looking for a partner, Petro Matad can now move ahead on its own regardless of whether or not an acceptable agreement is reached. While noting the improved financial position, we are reducing our RENAV to 22.5 p/share from 28.7 p/share to reflect the fundraising.

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