Offering proceeds to be used for company's work program in Madagascar
By Devika Patel
Knoxville, Tenn., Feb. 22 - Madagascar Oil Ltd. said it settled a £16.77 million private placement of shares. The deal was conducted by Mirabaud Securities LLP and GMP Securities Europe LLP.
The company sold 59.9 million common shares at 28p each. The per-share price is a 3.88% discount to the Feb. 21 closing share price of 29.13p and is also a 3.45% discount to the closing middle market price of 29p on Feb. 21, the company said in a press release.
Proceeds will be used to accelerate the company's work program in Madagascar.
Madagascar Oil is a London-based oil and gas exploration and production company.
| Issuer: | Madagascar Oil Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | £16,772,000
|
| Shares: | 59.9 million
|
| Price: | 28p
|
| Warrants: | No
|
| Agents: | Mirabaud Securities LLP and GMP Securities Europe LLP
|
| Settlement date: | Feb. 22
|
| Stock symbol: | London: MOIL
|
| Stock price: | 29.13p at close Feb. 21
|
| Market capitalization: | £38.95 million
|
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