Dutchess agrees to buy shares for three years, placement priced at 16p
By Devika Patel
Knoxville, Tenn., June 27 - Enegi Oil plc said it arranged a £7.5 million three-year equity line of credit with Dutchess Opportunity Cayman Fund and also raised £1.05 million in a private placement of shares, which was announced June 10, through agent Jordan Capital Markets, Inc. The equity line was announced May 19.
Dutchess has committed to buy up to £7.5 million of company shares over three years. The company has already drawn down approximately £300,000.
In the placement, the company sold 6,554,500 ordinary shares at 16p apiece, a 21.86% premium to the June 24 closing share price of 13.13p. The company said the price was slightly lower than originally expected due to difficult market conditions.
Investors in the placement also received one half-share warrant per share; the whole warrants are exercisable at 30p, a 128.48% premium to the June 24 closing price, for 18 months.
Proceeds will be used to complete the remaining elements of the PaP#1 Well work over program and advance seismic activities over PL2002-01. Remaining proceeds will be used to continue due diligence activities on the ABT Option and for general working capital.
Enegi is a Manchester, England-based hydrocarbon exploration company
| Issuer: | Enegi Oil plc
|
| Issue: | Equity line of credit, ordinary stock
|
| Amount: | £8,548,720
|
| Pricing date: | June 27
|
| Stock symbol: | London: ENEG
|
| Stock price: | 14p at close June 27
|
| Market capitalization: | £11.53 million
|
|
|
| Equity line
|
| Amount: | £7.5 million
|
| Tenor: | Three years
|
| Warrants: | No
|
| Investor: | Dutchess Opportunity Cayman Fund
|
| Announcement date: | May 19
|
| Settlement date: | June 27 (for approximately £300,000)
|
|
|
| Placement
|
| Amount: | £1,048,720
|
| Shares: | 6,554,500
|
| Price: | 16p
|
| Warrants: | One half-share warrant per share
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | 30p
|
| Agent: | Jordan Capital Markets, Inc.
|
| Announcement date: | June 10
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
