Petroleum Africa
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Friday, March 18, 2016
Sirius Petroleum has been fundraising, receiving firm commitments in respect of subscriptions for, in aggregate, 166,666,667 new ordinary shares of 0.25 pence each from new and existing shareholders at a price of 0.3 pence per share to raise gross proceeds of £500,000 (£464,150 net of expenses). The subscriptions are conditional upon receipt of funds and admission of the Subscription Shares to trading on AIM.
The net proceeds of the Subscriptions will be used for general working capital purposes and to enable the board to continue to pursue a number of opportunities in relation to project funding for the development of the Ororo field in Nigeria.
In a release the company said that its directors continue to carefully manage the working capital position of the company and additional capital may be required depending on the timing of raising project funding. The directors will update shareholders in due course on such funding and whilst they remain positive of a successful outcome, no guarantees can be given.
Application has been made for the subscription shares to be admitted to trading on AIM, which is expected to occur on, or around, March 22, subject to receipt of the subscription proceeds. The Subscription Shares represent 9.68% of its current issued share capital of 1,721,362,856 shares.
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