Petroleum Africa
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Thursday, September 25, 2014
Madagascar Oil Ltd. plans to raise an estimated $20 million by 119.2 million shares at 10.25 pence per share to three of its biggest shareholders, as well as an open offer of up to $6.4 million. The company plans to use the proceeds from the fund raising on its next stage of development on Madagascar’s Tsimiroro Block 3104.
“These funds will be used to de-risk and further evaluate Tsimiroro Block 3104, and will put the company in a strong position for the months ahead,” said senior independent director of the company, Iain Patrick, in a statement.
Madagascar Oil said it has received positive indication of support from the major shareholders who subscribed in the placing, to participate in an additional funding of up to $50 million upon approval of the development plan for the Tsimiroro, the granting of the exploitation permit and “satisfactory progress” being made with the company’s operations and fieldwork.
“If the further fundraising were to be structured as a placing, the board currently envisages that this further placing would be accompanied by a further open offer. It is anticipated that this further funding will take place within the next six months,” the company said.
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