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Eco Atlantic Publication of AIM Admission Document Conditional Placing of Common Shares Raising £4.8 Million / CAD $7.83 Million (Gross)
Toronto, Ontario--(Newsfile Corp. - February 3, 2017) - Eco (Atlantic) Oil & Gas Ltd. (TSX...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"\nEco Atlantic Publication of AIM Admission Document Conditional Placing of Common Shares Raising £4.8 Million / CAD $7.83 Million (Gross)Toronto, Ontario--(Newsfile Corp. - February 3, 2017) - Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) (the \"Company\" or \"Eco Altantic\"), an oil and gas exploration company with offshore licences in highly prospective regions in South America and Africa, is pleased to announce the publication of the Company's AIM Admission Document dated February 2, 2017 (\"Admission Document\") in relation to the admission of the Company's Common Shares, as enlarged upon completion of a conditional private placement, to trading on the London Stock Exchange's Alternative Investment Market (\"AIM Admission\"). The Company expects that AIM Admission and commencement of dealings in the Company's Common Shares will occur on February 8, 2017.In connection with the AIM Admission, the Company has entered into agreements for the private placement of 30,000,000 Common Shares (the \"UK Placing''), conditional on the AIM Admission and receipt of TSX Venture Exchange (the \"TSXV\") approval. Following its book-building process, in which the new Common Shares were conditionally subscribed for at £0.16 (CAD$0.26) per Common Share, and completion of the UK Placing the gross proceeds available to the Company will be approximately £4.8 million (CAD$7.83 million) and the net proceeds, after unpaid transaction costs, will be approximately £4.1 million (CAD$6.7 million). The Company anticipates that it may receive additional subscriptions prior to closing. The closing of the UK Placing, inter alia, is conditional on the AIM Admission which is expected to occur on February 8, 2017 and receipt of TSXV approval. The UK Placing was led by the Company's joint brokers Brandon Hill Capital Limited (as lead broker) and Peterhouse Corporate Finance Limited (as joint broker). Strand Hanson Limited is acting as financial and nominated adviser to the Company in relation to the AIM Admission.Further details of the UK Placing are set out in the Admission Document, which will shortly be available online at www.ecooilandgas.com, www.SEDAR.com and at the offices of Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG, United Kingdom.For more information please visit http://www.ecooilandgas.com/ or contact the following:Eco...