Business
Placing of New Shares
Placing of New Shares.
About this update from Pensana Plc
[{"type":"text","content":"\n Pan Andean Resources PLC\n17 November 1999\n\n\nPan Andean is pleased to announce that it has raised £3,747,098 (before\nexpenses) via a placing of 17,032,264 new ordinary 1p shares at 22p per share.\nThe placing, mainly with UK and Irish institutions represents 26 per cent. of\nthe expanded equity. The monies will enable Pan Andean to participate in the\nconsortium which will finance the drilling of the next well site, details of\nwhich were contained in the preliminary announcement on 29 September 1999. It\nis expected that dealings in these shares on the Alternative Investment Market\n('AIM') will commence on 22 November 1999. \n\nExisting shareholders will be given the opportunity to participate in the\nfundraising via an open offer of 4,368,810 new ordinary 1p shares on the basis\nof 1 new ordinary 1p share for every 11 existing 1p ordinary shares on the\nregister at the close of business on 16 November 1999.\n\nIt is anticipated that the open offer will raise a further £961,138 (before\nexpenses) and that dealings in the open offer shares will commence on AIM on\n22 December 1999.\n\n\n\n \n ","length":1269,"tagName":"div"}]