Otto's share price down after capital raise

GULF of Mexico-focused Otto Energy has completed the placement and institutional component of its entitlement offer, and saw a saw price drop of close to 40% this morning.

Otto's share price down after capital raise Otto's share price down after capital raise Otto's share price down after capital raise Otto's share price down after capital raise Otto's share price down after capital raise

Welcome Motto Energy? Existing shareholder Molton takes lion’s share

 
The placement raised A$1.3 million through the issue of approximately 231 million shares at 0.6 cents per share.
 
The institutional entitlement offer raised a total of $6.