Oil and gas exploration company Blue Energy (ASX:BUL) has raised $2 million through a targeted share placement with global institutional investor IMF Investors
The company will issue a total of 13 million fully paid ordinary shares at 15.5 cents a share.
The shares were issued without disclosure to other investors.
The company said the capital raising will bolster its working capital.
IMF Investors is a top tier institutional investor with over $100 billion in funds under management, which adds further strength to the Blue Energy share register.
Shares in Blue Energy (ASX:BUL) are trading 9.68 per cent higher at $0.17.