Kea Petroleum placing falters

Caitlin Morrison
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KEA PETROLEUM has suspended its shares on the junior market after failing to raise sufficient capital through a share placing.

The New Zealand-focused firm tried to raise £3m via, a crowdfunding platform for Aim placings, but failed to meet its goal despite extending the bid period.

Kea said its working capital “remains tight and is reliant on the company raising further funds”.