AIM News: Bluebird Energy begins trading on AIM

The Bristol-based firm has raised £2 million by placing 200 million new ordinary shares at a penny each. It hopes to raise a further £558,168 through an open offer at a penny per new ordinary share.

The money raised through the listing will be used to fund production, development and exploration of projects in the US, it said.

Earlier this year, David Bramhill, executive chairman of Bluebird Energy, said the funds would be primarily used to advance projects in Kansas, but would also help to "accelerate" others in Philadelphia, Montana and Colorado, including its search for shale gas.

Bramhill was responsible for the first West Country-based company to list on the AIM in 2008 - Wessex Exploration.