By Sheri Kasprzak
New York, April 13 - Faroe Petroleum plc said it has entered into agreements to settle a £25 million private placement.
A group of institutional and other investors agreed to buy 18,382,353 shares at 136p each. The price per share is a 4.9% discount to the company's closing middle-market price of 143p on April 12.
Closing of the deal is subject to shareholder approval at the next meeting on May 8.
Williams de Broe plc and Panmure Gordon & Co. were the placement agents.
Proceeds will be used to advance drilling on eight wells in the next 18 to 24 months.
Based in Aberdeen, Scotland, Faroe is an oil and natural gas exploration company.
| Issuer: | Faroe Petroleum plc
|
| Issue: | Stock
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| Amount: | £25 million
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| Shares: | 18,382,353
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| Price: | 136p
|
| Warrants: | No
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| Placement agents: | Williams de Broe plc and Panmure Gordon & Co.
|
| Announcement date: | April 13
|
| Stock symbol: | London: FPM
|
| Stock price: | 141p at close April 12
|
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