By Marisa Wong
Milwaukee, Feb. 11 - Kea Petroleum plc will raise £6 million through a placement of ordinary shares, according to a news release.
Kea has priced 75 million ordinary shares at 8p per share.
The placing shares will be admitted to trading on Feb. 15, along with 384,640,000 currently issued shares.
RBC Capital Markets is the broker.
Net proceeds are expected to total £5.2 million and will be used along with existing cash to drill one well on each of Kea's two petroleum exploration permits in the Taranaki Basin, to carry out seismic and geochemical surveys on its petroleum exploration permit in the Northland Basin, to fund further wells and to provide general working capital.
Wellington, New Zealand-based Kea is an oil and gas exploration company.
| Issuer: | Kea Petroleum plc
|
| Issue: | Ordinary shares
|
| Amount: | £6 million
|
| Shares: | 75 million
|
| Price: | 8p
|
| Warrants: | No
|
| Agent: | RBC Capital Markets
|
| Pricing date: | Feb. 11
|
| Settlement date: | Feb. 15
|
| Stock symbol: | London: KEA
|
| Market capitalization: | £36,771,200
|
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