Imperial Energy has outlined proposals for a deeply discounted one-for-one rights issue to raise $608m (£306.7m) to help pay for the development of oilfields in Russia and pay off debt.

The oil group will offer 51.1m new shares at 600p each, which is pitched 41.5 per cent below Imperial’s closing stock market price on Tuesday of £10.26.

Peter Levine, chairman and founder of Imperial, said the proceeds of the rights issue meant it would be fully funded until it moved into positive cash flow.

“The proceeds of the rights issue will mean that the company will be free of all bank debt,” he said. ... Read full article