By Sheri Kasprzak
Atlanta, July 1 - Afren plc said it has completed a private placement for £7.49 million.
The company sold 21.4 million shares at 35p to institutional investors.
The proceeds from the offering will be used for working capital, including securing early production opportunities in Nigeria and expanding the company's West African exploration portfolio.
Based in London, Afren is an oil and natural gas company focused on properties in Africa.
| Issuer: | Afren plc
|
| Issue: | Stock
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| Amount: | £7.49 million
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| Shares: | 21.4 million
|
| Price: | 35p
|
| Warrants: | No
|
| Settlement date: | July 1
|
| Stock price: | 36p at close July 1
|
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