Petroleum Africa
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Tuesday, October 27, 2015
African Petroleum successfully raised NOK 16,476,293 in gross proceeds via its private placement. The subscription price of NOK 0.17 per share was determined during the book building process and represents a discount of NOK 0.04 to the opening price of the shares on the Oslo Axess.
Following issuance of the offer shares the issued and outstanding share capital of the company will be 1,066,113,157 shares on a pre-consolidation basis, approximately 106,611,316 shares on a post-consolidation basis (subject to rounding, following completion of the consolidation of its share capital on the basis of one share for every ten held, which was approved by the shareholders in the general meeting). The shares do not have a par value. It is expected that the new shares will be issued on a delivery-versus-payment basis on or about 28 October 2015.
The proceeds from the placement will be used to strengthen African Petroleum’s balance sheet and liquidity position, to fund working capital and for general corporate purposes.
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