By Sheri Kasprzak
New York, June 9 - Melrose Resources plc intends to raise £74,881,870 from a private placement and open offer connected to its acquisition of Merlon Petroleum.
The placement includes up to 22,691,476 shares at 330p each, offered to institutional investors only.
Numis Securities and Bell Lawrie are the placement agents.
The proceeds will be used to repay a bridge loan that will be drawn upon to pay for the acquisition. The acquisition costs are expected to total £265 million.
Once the acquisition is completed, Melrose will own a 100% interest in all of Merlon's Egyptian concessions and development leases.
Melrose, located in Edinburgh, Scotland, is an oil and natural gas exploration company.
| Issuer: | Melrose Resources plc
|
| Issue: | Stock
|
| Amount: | £74,881,870
|
| Shares: | 22,691,476
|
| Price: | 330p
|
| Warrants: | No
|
| Placement agents: | Numis Securities and Bell Lawrie
|
| Announcement date: | June 9
|
| Stock symbol: | London: MRS
|
| Stock price: | 375p at close June 8
|
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