Madagascar Oil places 275.24m shares

LONDON (ShareCast) - Madagascar Oil said Tuesday that 275.24m shares were placed at 18p each following the company's open offer of shares, raising close to 49.5m pounds.

The company's issued share capital will consist of 531.37m common shares.

Application has been made for the admission of the new shares to AIM.

The share price rose 4.96% to 18.50p by 14:42 on Tuesday.