Business
Proposed Placing
Proposed Placing.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4572R Pantheon Resources PLC 08 March 2016 \n\n \nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. \n \nFURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY NEW ORDINARY SHARES OF PANTHEON RESOURCES PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL. \n \n8 March 2016\n \nPantheon Resources plc\n \nProposed Placing\n \nPantheon Resources plc (\"Pantheon\" or the \"Company\"), the AIM-quoted oil and gas exploration and production company with a 50% working interest in several projects in Tyler and Polk Counties, East Texas, is pleased to announce a proposed placing of approximately 15.3 million new Ordinary Shares (\"Placing Shares\") at a price of 115 pence per Placing Share, representing approximately 8.0% of the Company's issued share capital in order to raise proceeds of approximately US$25 million (gross) (the \"Placing\").\n \n \nIntroduction\n \nThe Placing is being conducted, subject to the satisfaction of certain conditions, through an accelerated bookbuild (the \"Bookbuild\") which will be launched immediately following this placing announcement (the \"Announcement\") and will be subject to the terms and conditions set out in the Appendix.\n \nStifel Nicolaus Europe Limited (\"Stifel\") has been appointed bookrunner in respect of the Placing.\n \n \nBackground to the Placing\n \nIn October 2014, the Company successfully completed a transformational funding, raising approximately US$30.2 million (before expenses). This allowed the Company to double its working interest in its venture with Vision Resources LLP from 25% to 50% for less than a doubling of shares in issue. It also enabled the Company to acquire a 50% interest in three new prospects and a 25% interest in a fourth prospect, all in Tyler and Polk Counties, East Texas and to provide financing for its drilling programme. \n \nIn the period subsequent to the ...