Hydrocarbons explorer sells 55.32 million ordinary shares at 84p each
By Devika Patel
Knoxville, Tenn., April 26 - Borders & Southern Petroleum plc said it has raised £46.47 million in a private placement of stock.
The company sold 55.32 million ordinary shares at 84p each. The price per share is identical to the April 25 closing share price.
Proceeds will be used to acquire additional 3D seismic within the company's existing acreage, to enable further analysis of the results of the Darwin East well and for general working capital purposes, including further contingency funds for the upcoming exploration well.
"We are delighted to announce the success of this conditional fundraising," chief executive officer Howard Obee said in a press release. "The proceeds of the placing will strengthen our already robust balance sheet and allow Borders & Southern to complete additional work including additional seismic and analysis to better understand the recent drilling results."
The hydrocarbons explorer is based in London.
| Issuer: | Borders & Southern Petroleum plc
|
| Issue: | Ordinary shares
|
| Amount: | £46,468,800
|
| Shares: | 55.32 million
|
| Price: | 84p
|
| Warrants: | No
|
| Settlement date: | April 26
|
| Stock symbol: | London: BOR
|
| Stock price: | 84p at close April 25
|
| Market capitalization: | £360 million
|
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