Business
Issue of equity
Issue of equity.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \nRNS Number : 5457H Nostra Terra Oil & Gas Company PLC 21 June 2013 \n\nAIM: NTOG\n21 June 2013\n \nNostra Terra Oil and Gas Company plc\n(\"Nostra Terra\" or the \"Company\")\n \nPlacing\nNostra Terra, the AIM quoted oil and gas producer with assets in the USA, is pleased to announce that it has raised £750,000 before expenses by way of a placing of 187,500,000 new ordinary shares of 0.1p each in the capital of the Company (\"new Ordinary Shares\") at 0.40 pence (\"Placing Price\") per new Ordinary Share (the \"Placing\"). The Placing was undertaken with existing and new investors. \nThe net proceeds of the Placing, which was arranged at a discount of just 10% to the underlying share price at the time and over 11% higher than the Company's last placing in September 2012, will be utilised in the drilling of further wells in the Oklahoma based Chisholm Trail Prospect with a portion going towards leasing in the High Plains Prospect in Texas.\n \nThe Hunton Limestone play, where the Chisholm Trail Prospect is located, continues to attract investment with companies established in the play accelerating their development plans and others entering or trying to enter the play. The Directors believe this, combined with 'forced pooling', is increasing the pace of development significantly.\n \nFollowing positive results in the High Plains Prospect, which led to the Company increasing its stake to 20%, Nostra Terra has now begun reprocessing the proprietary 3D seismic data. It is anticipated that leasing will commence during the second half of this year. This should lead to the generation of several prospects, each with multiple drilling locations.\n \nCollection of the Richfield Judgment is progressing and the Board looks forward to imminent collection of either cash and/or producing assets.\n \nThe 187,500,000 new Ordinary Shares to be issued pursuant to the placing will rank pari passu in all respects with the existing issued ordinary share capital of the Company. Application will be made for the new Ordinary Shares to be admitted for trading on AIM and trading is expected to commence on 15 July 2013. \n \nFollowing the Placing, the issued share capital of the Company will increase to 2,776,211,610. This figure may be used by shareholders as the denominator for the calculations by w...