Business
Funding & Operational Update
Funding & Operational Update.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n RNS Number : 2476T Roxi Petroleum Plc 03 June 2009 \n\nRoxi Petroleum plc \n('Roxi or the 'Company')\n\nFunding and Galaz license update\n\n\n\nIn total US$24.5 m of funding transactions \n\n\n\n\nUS$24m (£15 million) equity line of credit facility with GEM Global Yield Fund Limited\n\n\n\n\nUS$0.5 m raised through new share issue\n\n\n\n\nSolid operational progress at Galaz (production) and BNG (exploration)\n\n\nRoxi Petroleum plc ('Roxi' or 'the Company'), the Kazakhstan based oil exploration and development company is pleased to announce significant additional funding. \n\nFunding\n\nGEM facility\n\nRoxi is pleased to announce that it has entered into a £15 million equity line of credit with GEM Global Yield Fund Limited ('GEM').\n\nUnder the terms of the equity line of credit Roxi is entitled to require GEM to subscribe for shares over a three year period at an issue price equal to 90 per cent of the average closing bid price for the 15 trading days following delivery of a subscription notice. Roxi will control the timing and the maximum amount of any draw down under this credit line and is not obliged to draw on the funds on offer.\n\nIn addition, pursuant to the terms of the equity line of credit, Roxi has agreed to issue to GEM warrants to subscribe for up to 9 million shares at a price of 13.75p per share at any time over the next five years.\n\nGEM is part of a group of companies controlled by Global Emerging Markets Limited (www.gemny.com). Global Emerging Markets Limited was founded in 1991. The firm is a USUS$2.7 billion alternative investment group that manages a diverse set of investments vehicles across the world; the funds include: CITIC/GEM Fund; VC Bank/GEM Mena Fund; Kinderhook; GEM India and Banco Pine/GEM Funds.\n\nShare issue\n\nRoxi is also pleased to announce it has issued 3,215,020 new shares at a price of 10p per share raising some US$500,000 for the Company. Application will be made for the shares to be admitted to AIM. Admission is expected to be effective \n10 June 2009.\n\nFollowing the admission of these new shares the total issued share capital will consist of 376,532,125 ordinary shares of 1p each.\n\nOperations Update\n\nGalaz Contract Area\n\nThe third of...