By Laura Lutz
Washington, Nov. 29 - Offshore Hydrocarbon Mapping plc is preparing to settle a private placement of shares for £1.875 million.
The company arranged the sale of 1.5 million ordinary shares at 125p each, a 2.7% discount to the 128.5p closing mid-market price of the shares on Nov. 28.
Proceeds will be used to equip the company's planned third survey crew and for working capital.
Following the placement, the company will have 31,549,652 shares outstanding.
KBC Peel Hunt Ltd. acted as agent for the deal.
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: | £1.875 million
|
| Shares: | 1.5 million
|
| Price: | 125p
|
| Warrants: | No
|
| Agent: | KBC Peel Hunt Ltd.
|
| Announcement date: | Nov. 29
|
| Stock symbol: | London: OHM
|
| Stock price: | 135p at close Nov. 29
|
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