Deal raises funds for planned acquisition of Northern Gulf Petroleum
By Devika Patel
Knoxville, Tenn., Oct. 14 - Tap Oil Ltd. said it plans a private placement of shares.
The company will raise A$13 million by selling ordinary shares at A$0.81 apiece, a 13.83% discount to the Oct. 13 closing share price of A$0.94.
Proceeds will be used to finance the acquisition of 75% of the issued capital of Northern Gulf Petroleum Pte Ltd.
The company also said it plans underwritten renounceable entitlements offer for A$69 million.
The oil and gas exploration and production company is based in West Perth, Australia.
| Issuer: | Tap Oil Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$13 million
|
| Price: | A$0.81
|
| Warrants: | No
|
| Pricing date: | Oct. 14
|
| Stock symbol: | Australia: TAP
|
| Stock price: | A$0.94 at close Oct. 14
|
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