Petroleum Africa
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Thursday, February 19, 2015
Tangiers Petroleum saw the successful completion of the book build for a placement to domestic and international institutional and sophisticated investors to raise approximately A$7 million. Tangiers revealed that the placement was strongly oversubscribed.
The placement of 691,319,339 shares was undertaken at A$0.01 per share. Placement participants will receive one free attaching option for every two placement shares, with the options exercisable at A$0.02 each and expiring March 1, 2018. Tangiers will apply to the ASX for quotation of the placement options. Full details of the placement are set out in the prospectus that was lodged by Tangiers with the ASX on Monday February 16.
Three directors of Tangiers, David Wall, Michael Evans and Stephen Staley participated in the placement on exactly the same terms as all other investors.
Funds raised pursuant to the placement will be utilized by Tangiers for completion of the acquisition of project Icewine, progressing exploration at Project Icewine, and for working capital.
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