By Devika Patel
Knoxville, Tenn., May 27 - Equatorial Palm Oil plc said it will raise £5 million through a private placement of shares via agent Mirabaud Securities LLP.
The company will sell 33,333,333 ordinary shares at 15p each to BioPalm Energy Ltd. The price represents a premium of approximately 42.9% to the closing price of 10.5p on May 26.
Proceeds will be used for the continued development of the company's 169,000 hectare land position and the acceleration of the plantation rollout program.
London-based Equatorial Palm Oil is a crude palm oil producer.
| Issuer: | Equatorial Palm Oil plc
|
| Issue: | Ordinary shares
|
| Amount: | £5 million
|
| Shares: | 33,333,333
|
| Price: | 15p
|
| Warrants: | No
|
| Agent: | Mirabaud Securities LLP
|
| Investor: | BioPalm Energy Ltd.
|
| Pricing date: | May 27
|
| Stock symbol: | London: PAL
|
| Stock price: | 12.75p at close May 27
|
| Market capitalization: | £12 million
|
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