Energy exploring company sells shares at 10.83% discount, or A$7.00
By Devika Patel
Knoxville, Tenn., Sept. 16 - Karoon Gas Australia Ltd. said it has completed a A$186.2 million private placement of shares. The deal was announced Wednesday.
The company sold 26.6 million shares at A$7.00 apiece, a 10.83% discount to the A$7.85 closing share price on Sept. 15.
Merrill Lynch was the lead manager and bookrunner.
Proceeds will be used to bolster the company's cash position for its exploration and appraisal program in the Browse Basin, for exploration in Brazil and Peru and general working capital.
Karoon is an energy exploration company based in Mount Martha, Australia.
| Issuer: | Karoon Gas Australia Ltd.
|
| Issue: | Shares
|
| Amount: | A$186.2 million
|
| Shares: | 26.6 million
|
| Price: | A$7.00
|
| Warrants: | No
|
| Bookrunner: | Merrill Lynch
|
| Announcement date: | Sept. 15
|
| Settlement date: | Sept. 16
|
| Stock symbol: | Australia: KAR
|
| Stock price: | A$7.85 at close Sept. 16
|
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