Published on 3/24/2005 in the Prospect News PIPE Daily.
New Issue: Faroe raises £13.4 million in private placement of stock
By Sheri Kasprzak
Atlanta, March 24 - Faroe Petroleum plc said it has conditionally raised £13.4 million in a private placement.
The company sold 12,181,818 shares at 110p each to institutional and other accredited investors.
Based in Aberdeen, Scotland, Faroe is an oil and natural gas exploration company. It plans to use the proceeds from the deal to accelerate its drilling program. The remainder will be used for working capital.
| Issuer: | Faroe Petroleum plc
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| Issue: | Stock
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| Amount: | £13.4 million
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| Units: | 12,181,818
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| Price: | 110p
|
| Warrants: | No
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| Settlement date: | March 24
|
| Stock price: | 124p at close March 24
|
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