Amadeus Energy to raise $25m

Perth-based Amadeus Energy plans to raise $25 million through a share placement with funds used to reduce debt and for acquisition opportunities.

The company said it will place up to 96.15 million shares to institutional and sophisticated investors at 26 cents each.

Shares in Amadeus closed unchanged at 33c today.

The company said funds will be used to strengthen its balance sheet through accelerated debt reduction, maintain its development and exploration activities and take advantage of growth opportunities.

The placement will be made in two tranches with the second subject to shareholder approval.