Ashurst has advised Euroz Securities Limited as joint bookrunner in Rialto Energy Limited A$14.1 million institutional placement equity raising.

Rialto Energy is also seeking to raise up to A$5 million under a share purchase plan announced in conjunction with the placement.

Ashurst lead partner on the deal, Roger Davies said: "Rialto Energy was able to raise a very significant amount (approximately 69% of its pre-placement share capital) in a very challenging market.  This shows equity markets are still open for issuers with attractive assets and growth upside, in this case Rialto Energy's oil and gas exploration assets in Cote d'Ivoire and Ghana.

"This is the second successful equity raising Ashurst has assisted Euroz Securities with in the oil and gas sector in the past month."

The placement is a two-tranche placement, with Rialto Energy placing the maximum 15% of its share capital permitted by the ASX Listing Rules on an unconditional basis, with the balance subject to shareholder approval.

Proceeds from the placement will be used primarily to further Rialto Energy's exploration and development work on its oil and gas exploration interests in Cote d'Ivoire and Ghana, and general corporate purposes.

The Ashurst team included partner Roger Davies and special counsel Matthew Rumpus.