Horizon Oil looking to fire up $54m cap raising

The oil and gas producer has fallen after announcing a surprise capital raising to pursue its aggressive exploration and developments.

Horizon Oil (HZN) is one of the worst performers on the Uncapped 100 this morning following its surprise capital raising.

The emerging oil & gas producer tumbled 1.5 cents, or 4.1%, to 35 cents as management goes cap in hand to shareholders looking for $53.5 million in additional funding though a 33 cent new share offer.

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