Petroleum Africa
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Tuesday, March 31, 2015
African Petroleum successfully raised NOK 95,016,200 in gross proceeds through the allocation of 271,732,000 offer shares at a subscription price of NOK 0.35 per share. The subscription attracted new and existing blue-chip institutional investors, and the board is encouraged to have completed the Private Placement considering the current uncertainty in world oil markets.
The company also offered the remaining balance of 54,346,000 shares to raise up to an additional NOK 19 million to the retail sector priced at NOK 0.35 with a free two- year NOK 0.75 share option for every one share subscribed for. The subscription period for the Subsequent Repair Offering closed on March 27.
Based on the company’s current cash position, after receipt of net proceeds from the Private Placement and Subsequent Repair Offering, and the progress of ongoing discussions with a number of third parties regarding potential transactions across assets in our portfolio, the board believes African Petroleum is sufficiently funded for the near term.
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