Business
Placing of Shares
Placing of Shares.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n RNS Number : 1434E Pantheon Resources PLC 15 December 2009 \n \n\n\n\n\n\n\n\nPress release\n\n\n15 December 2009\n\n\n\n\n\nPantheon Resources - Placing of Shares\n\nPantheon Resources plc (\"Pantheon\" or the \"Company\"), the AIM-quoted oil and gas exploration company active in Louisiana and Texas, announces today that the Company has conditionally issued 57,708,040 new ordinary shares of one penny each in the Company (the \"Placing Shares\"). This is in connection with a placing to various institutional and other investors at a price of 13.25 pence per Placing Share to raise £7.3 million after expenses (the \"Placing\"). The placing price represents a discount of 1.8 per cent to the volume weighted average price of 13.49 pence for the three month period to 14 December 2009. This placing was oversubscribed.\n\nThe Placing Shares shall rank pari passu in all respects with the existing ordinary shares in the Company. Following completion of the Placing, Pantheon will have in issue 102,099,770 ordinary shares of one penny each. \n\nApplication has been made for the Placing Shares to be admitted to trading on the AIM market of London Stock Exchange plc (\"Admission\"). The Placing is conditional, inter alia, upon Admission, which is expected to be on 16 December 2009. \n\nUse of Proceeds\n\nThe net proceeds of the Placing will be used:\n\n\nto fund the drilling costs for the next two Tyler County wells;\n\n\nto fund the balance of the back costs relating to the farm-into the Tyler County project;\n\n\nfor partial repayment of the Company's bridging loan;\n\n\nfor the repayment of certain other liabilities; and\n\n\nfor general working capital purposes.\n\n\n\nSpecifically the monies raised will pay Pantheon's share of the budgeted costs of the next two wells on Tyler County plus the balance of back costs of US$4.5 million. Once these next two wells are completed then Pantheon will have secured its full 25% working interest (19.75% NRI)&nb...