shares in baron oil plc fell tuesday after it said that it will raise around 6 million pounds 71 million via a discounted placing a subscription and a retail offer shares at 0803 gmt were down 003 pence or 20 at 012 pence the londonlisted oilandgas company said it would raise gbp5 million through a placement of 409 billion new ordinary shares and a subscription of 813 million new ordinary shares shares will be placed at 012 pence a share representing a 20 discount to mondays closing price of 015 pence a share it said the company will also place up to 8333 million retail shares via the online investors platform rex at the same placing price to raise around gbp1 million the rex retail offer isnt part of the placing or the subscription and would be conditional on their completion it said the company said it will use the proceeds toward new and existing projects as well as for working capital purposes two directors had subscribed for 58 million new ordinary shares at the placing price it said todays oversubscribed placing provides us with the necessary funds to maximize the chances of delivering funding partners for drilling campaigns chief executive andrew yeo said