Business
Placing and Notice of EGM
Placing and Notice of EGM.
About this update from Borders & Southern Petroleum Plc
[{"type":"text","content":"\n Borders & Southern Petroleum plc\n15 August 2007\n\n\nFor release 07.00, 15 August 2007\n\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR\nINDIRECTLY, IN OR INTO THE UNITED STATES, JAPAN, CANADA, AUSTRALIA OR THE\nREPUBLIC OF IRELAND\n\n\n Borders & Southern Petroleum plc\n\n (the 'Company')\n\n\nPlacing of 50,000,000 new Ordinary Shares at 30 pence to raise £15 million (the\n 'Placing')\n\n Notice of Extraordinary General Meeting ('EGM')\n\n\n\nBorders & Southern Petroleum plc (AIM: BOR) announces today that it has, subject\nto the terms and conditions of the Placing and the passing of resolutions by\nshareholders at the EGM, successfully raised £15 million before expenses through\na placing of 50,000,000 Ordinary Shares (the 'Placing Shares') at 30 pence each.\nThe Placing Shares have been conditionally placed with institutional investors\nby the Company's broker, Ocean Equities Limited, and Panmure Gordon & Co.\n\n\nThe net proceeds from the Placing will be used by the Company to fund the\nacquisition of 3D seismic data over a number of prospects within its Falkland\nIslands Acreage. The 3D seismic data will be used to provide information on the\npotential reservoir distribution, enhance prospect delineation and to assist in\nthe location of exploration wells. In addition the 3D seismic data will be used\nto investigate the numerous amplitude anomalies identified on the Company's 2D\nseismic data to authenticate the presence of direct hydrocarbon indicators and\nthereby reduce the exploration risk.\n\n\nThe Company has received tenders from a number of seismic contractors for the\nprovision of the proposed 3D seismic survey. It is anticipated that, subject to\nagreeing final terms, the 3D seismic survey will commence in the fourth quarter\nof this calendar year.\n\n\nIn order to implement the Placing, the Company is today calling an Extraordinary\nGeneral Meeting of its shareholders to be held at 11.00 a.m. on 10th September\n2007 at the offices of Tavistock Communications at 131 Finsbury Pavement,\nLondon, EC2A 1NT to seek s80 authority and s89 authority to allot relevant\nsecurities on a non-pre-emptive basis in respect of an aggregate nominal amount\nof £500,000 to enable the Placing Shares to be issued. The Company is also\nseeking additional s80 authority and s89 aut...