By Susanna Moon
Chicago, April 8 - Offshore Hydrocarbon Mapping plc said Sector Asset Management agreed to invest up to £3.36 million in the company via a cash subscription for 21 million shares.
The price of 16p each represents a premium of 220% to the closing mid-market price on Wednesday.
The new shares will be issued in two tranches, with the first 3,475,000 shares under existing shareholder authorities. The balance of 17,525,000 new shares requires shareholder approval at a general meeting to be held on April 28.
Proceeds of £556,000 from the first tranche will be used for working capital for the recently announced CSEM surveys in India.
Proceeds of about £2.7 million from the second tranche, if approved, will be used for further improvements in WISE data processing and interpretation technology, upgrading the group's marine CSEM acquisition equipment, further investment in sales and marketing activities for seismic inversion and appraisal and monitoring applications for CSEM and general working capital purposes.
Based in Aberdeen, Scotland, Offshore provides surveying, data processing and data interpretation services to the offshore oil industry.
| Issuer: | Offshore Hydrocarbon Mapping plc
|
| Issue: | Ordinary shares
|
| Amount: | £3.36 million
|
| Shares: | 21 million
|
| Price: | 16p
|
| Warrants: | No
|
| Announcement date: | April 8
|
| Stock symbol: | London: OHM
|
| Stock price: | 6p at close on April 7
|
| Market capitalization: | $8.68 million
|
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