Company sells ordinary shares at 17.44% discount to the closing price
By Devika Patel
Knoxville, Tenn., Dec. 15 - Bandanna Energy Ltd. said it completed a private placement of shares. It raised A$76.02 million in the offering, which was announced Dec. 14.
The company sold 53,533,323 ordinary shares at A$1.42 per share. The per-share price represents a 17.44% discount to the A$1.72 closing share price on Dec. 13 and an 11.6% discount to the five-day volume weighted average price ending Dec. 13.
Proceeds will be used for the development of essential export infrastructure, ongoing exploration and development expenditures at Dingo West, the Golden Triangle projects and the South Galilee Project and general working capital purposes.
Based in North Sydney, Australia, Bandanna explores for oil and gas.
| Issuer: | Bandanna Energy Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$76,017,319
|
| Shares: | 53,533,323
|
| Price: | A$1.42
|
| Warrants: | No
|
| Announcement date: | Dec. 14
|
| Settlement date: | Dec. 15
|
| Stock symbol: | Australia: BND
|
| Stock price: | A$1.73 at close Dec. 14
|
| Market capitalization: | A$610.02 million
|
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