Igas raises £23m to search for shale

Exploration firm Igas said yesterday it has raised £23m via a placing to help it look for shale gas. The placing was priced at 95p per share, around a 17 per cent discount to its closing price on Monday. The company said around £15m of the proceeds of its placing would be used to drill two wells to appraise its shale resources. Jefferies and Canaccord acted as joint bookrunners on the deal.