Jacka Resources has launched a $3.9 million capital raising and will review its operations and restructure its board in a bid to cut costs following Tangiers Petroleum's failed takeover of the company.
Tangiers Petroleum is to acquire Jacka Resources via a friendly off-market takeover bid, combining to create an Africa-focused upstream oil and gas company valued at about $80 million.
Shares in listed oil and gas explorer Jacka Resources closed the day's trade more than 14 per cent higher after the company announced it had secured a convertible facility worth up to $5.5 million.
