New York, May 15 - Madagascar Oil Ltd. said it completed a 60 million private placement of common voting shares.
The London-based oil and gas exploration and production company sold 40 million shares at $1.50 each.
Jefferies & Co., Inc. was placement agent for the transaction, which was sold to U.S. institutional investors.
Proceeds will be used to develop the company's heavy oil interests in the onshore Tsimiroro field in western Madagascar, for exploration, for repayment of debt and for general corporate purposes.
| Issuer: | Madagascar Oil Ltd.
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| Issue: | Common voting shares
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| Amount: | $60 million
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| Shares: | 40 million
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| Price: | $1.50
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| Warrants: | No
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| Placement agent: | Jefferies & Co., Inc.
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