Oversubscribed deal funds company's exploration, development program
By Devika Patel
Knoxville, Tenn., July 19 - Maverick Drilling and Exploration Ltd. said it will complete a A$25 million tranche of a A$50 million oversubscribed private placement of shares on July 26. The deal priced July 18.
The company sold ordinary shares at A$1.02 apiece. The price per share reflects a 13.56% discount to the July 17 closing share price of A$1.18 and a 14% discount to the five-day volume-weighted average price of the stock, the company said in a press release.
The shares will be issued in two tranches, with the initial, unconditional tranche of A$25 million shares settling July 26 and the remaining A$25 million of shares being sold once shareholder approval is obtained.
Proceeds will be used for the company's exploration and development program over the next year.
Maverick is an oil and gas explorer in Brisbane, Australia.
| Issuer: | Maverick Drilling and Exploration Ltd.
|
| Issue: | Shares
|
| Amount: | A$50 million
|
| Shares: | 49 million (approximate)
|
| Price: | A$1.02
|
| Warrants: | No
|
| Pricing date: | July 18
|
| Settlement date: | July 26 (for A$25 million)
|
| Stock symbol: | Australia: MAD
|
| Stock price: | A$1.18 at close July 17
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