Nostra Terra falls after placing

1st Jul 2011 14:10

Penny stock Nostra Terra Oil and Gas fell to earth after raising £2m through a share placing at 0.6p per share.The news sent the oil explorer's shares heading south to 0.64p, down 0.075p on the day, in early afternoon trading.All in all, 333.3m new shares were issued, of which company chairman, Sir Adrian Blennerhassett, bought half a million.The fudns from the placing will be used for working capital purposes. "This fund raising allows us to step up the pace in our activities," said chief executive, Matt Lofgran.--jh