US-focused oil firm Nighthawk has raised around £2.9m by selling new shares to investors. The 115.7m new shares have been placed with institutional and other investors at 2.5p per share, a 7.5 per cent discount to Monday’s share price. The sale is part of a wider fundraising effort as Nighthawk works on a deal to buy a 25 per cent interest in Running Fox's Jolly Ranch oil field for an initial price of $12.5m. It is planning a $7m work programme of works on Jolly Ranch starting in the second quarter of 2012. The company will work on existing wells followed by up to five new wells.