Business
Proposed Financing
Proposed Financing.
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\n \n \n\n\nProposed Financing\n \n6 June 2023 - Singapore: Jadestone Energy plc (the \"Company\" and together with its subsidiaries, \"Jadestone\" or the \"Group\"), an independent oil and gas production company focused on the Asia-Pacific region, announces its intention to conduct a minimum US$85 million financing (the \"Proposed Financing\").\nThe Proposed Financing consists of a US$50 million equity fundraise (the \"Equity Fundraise\"), underwritten by a US$50 million equity underwrite facility (the \"Equity Underwrite Facility\"), and a US$35 million standby working capital facility (the \"Standby Working Capital Facility\"), each provided by the Company's largest shareholder, Tyrus Capital S.A.M. and funds managed by it (\"Tyrus\").\nThe Equity Fundraise will be structured as set out below:\n· a placing (the \"Placing\") of new ordinary shares (the \"Placing Shares\") to existing and new institutional shareholders (including entities affiliated to certain directors);\n· a subscription (the \"Subscription\") of new ordinary shares (the \"Subscription Shares\") by certain directors (and affiliated entities) and certain other parties; and\n· an incremental open offer (the \"Open Offer\") of up to €8 million (c. US$8.6 million at today's exchange rate), offering existing shareholders who have not participated in the Placing an ability to acquire shares at the Offer Price;\nThe Placing is being conducted through an accelerated bookbuild process (the \"Bookbuild\") which will be launched immediately following this Announcement and will be made available to eligible institutional investors on the terms and conditions of the Placing set out in Appendix 1 to this Announcement (the \"Placing Terms and Conditions\"). The Bookbuild is expected to close at or around 6.00 p.m. on 6 June 2023. However, the Company and St...