Company raises funds through agents Canaccord, FirstEnergy and Novus
By Devika Patel
Knoxville, Tenn., March 16 - Bahamas Petroleum Co. plc said it completed a private placement of shares. It raised £45.58 million in the offering.
The company sold 243.1 million ordinary shares at 18.75p each in two tranches of 110 million shares and 133.1 million shares. The price per share is a 2.6% discount to the March 15 closing share price of 19.25p.
Canaccord Genuity Ltd., FirstEnergy Capital LLP and Novus Capital Markets Ltd. were the agents.
Proceeds will be used to accelerate the company's exploration program, including the acquisition of new 3D seismic, geochemical seabed sampling and other technical work, and for general working capital purposes. The proceeds will also provide financial flexibility to develop additional leads in awarded licenses and to progress ongoing license applications.
The oil and gas exploration, development and production company is based in Isle of Man, England.
| Issuer: | Bahamas Petroleum Co. plc
|
| Issue: | Ordinary shares
|
| Amount: | £45,581,250
|
| Shares: | 243.1 million
|
| Price: | 18.75p
|
| Warrants: | No
|
| Agents: | Canaccord Genuity Ltd., FirstEnergy Capital LLP and Novus Capital Markets Ltd.
|
| Settlement date: | March 16
|
| Stock symbol: | London: BPC
|
| Stock price: | 20.25p at close March 16
|
| Market capitalization: | £188.55 million
|
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