Business
US$100M Placing Completed
US$100M Placing Completed.
About this update from Fenikso Ltd
[{"type":"text","content":"\n \nRNS Number : 9609R Lekoil Limited 01 November 2013 \n \n\n1 November 2013\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA.\n \nLekoil Limited\n(\"Lekoil\" or the \"Company\")\n \nCompleted placing of new Ordinary Shares at 55 pence per share\nto raise approximately US$100 million (approximately £62 million)\n \nLekoil (AIM: LEK), the oil and gas exploration and development company with a focus on Nigeria and West Africa, announces, further to the announcement made yesterday afternoon, that it has entered into a placing agreement (the \"Placing Agreement\") with Mirabaud Securities LLP (\"Mirabaud\") and has conditionally raised, in aggregate, gross proceeds of approximately US$100 million(approximately £62 million) through the placing of, in aggregate, 113,282,000 new Ordinary Shares at a placing price of 55 pence per Ordinary Share (the \"Placing Price\") with certain existing and new institutional and other investors via an accelerated book-build (the \"Placing\"). \n \nThe net proceeds of the Placing are estimated to be US$97 million (approximately £60 million) and will be used to fund the completion of drilling and testing of the Ogo-1 well and Ogo-1 ST, the future development of the OML113 licence offshore Nigeria, which contains the Aje Field, as well as for general corporate and working capital purposes, including the full repayment of the loan facility that the Company has entered into with Afren.\n \nThe Placing, which has been conducted by Mirabaud, acting as sole bookrunner and Ladenburg Thalmann, acting as US Placing Agent, pursuant to the terms and conditions as set out in Appendix I to yesterday's announcement, is conditional, inter alia, on Admission.\n \nThe Placing will be conducted in two stages, with the First Placing Shares being placed using the Directors' existing authority to allot shares for cash on a non pre-emptive basis, as granted at Lekoil's most recent EGM, and the Second Placing Shares being placed conditionally upon, inter alia, the passing of the Resolutions at the Extraordinary General Meeting to be held on 21 November 2013. A circular convening the Extraordinary General Meeting will be sent to shareholders shortly (the \"Circular\").\n \nApplication will be made for the F...