Rheochem has raised US $2.4m to help fund its share of the pre-development sanction costs for the UK North Sea Athena project. The cash was raised through the placing of 32.5 million new shares in the firm. Haydn Gardner, CEO of Rheochem, said: "This placement, in conjunction with existing funds, allows the company to meet its share of the costs of the Athena development project, prior to official government sanction, which is anticipated in July this year." Rheochem said it is also currently reviewing funding options for the project post official sanction. The options include project development funding, farm out or trade sale of E&P assets, equity raising or the demerger of an E&P subsidiary with independent funding.
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