EXPLORATION minnow Tuskar Resources has placed 40 million new shares with new investors at 1 1/2p sterling each, raising £600,000 sterling for the company. The shares issued are equivalent to just over 13 per cent of the enlarged share capital.

According to Tuskar, the funds will be used to help Tuskar develop its business "in particular its continuing search for suitable oil/gas exploration and production opportunities with prospects for significant enhancement of shareholder value".