Shares in UK-based oil company Imperial Energy fell 22% today after it announced a $600m (â¬384m) rights issue to fund the development of its Russian operations, after failing to secure a loan from banks that remain wary of lending even to companies in the booming commodities sector.
The FTSE 250 oil exploration and production company originally tried to secure financing through a reserve-based loan, which allows companies to borrow using oil reserves as collateral.
