Business
Fundraising of up to $46.8 mi
Fundraising of up to $46.8 mi.
About this update from Petro Matad Limited
[{"type":"text","content":"\n RNS Number : 8323S Petro Matad Limited 16 September 2010 \n \n\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN\nPetro Matad Limited (\"Petro Matad\" or the \"Company\")\nFundraising of up to US$46.8 million\n \nPetro Matad is pleased to announce that the Company is conditionally raising up to US$46.8 million before expenses through a placing and subscriptions for up to 22,483,878 new ordinary shares of $0.01 per share in the Company (\"Share(s)\") at a price of 135 pence (approximately US$2.08) per Share (the \"Share Issue\"). \n \nThe Company, through its broker Westhouse Securities Limited, has received commitments to subscribe for 13,640,203 new Shares (the \"Placing Shares\") raising approximately US$28.4 million. Petro Matad will also issue up to 8,843,675 new Shares through direct subscriptions (the \"Direct Subscription(s)\").\n \nIn addition to the Share Issue and pursuant to a subscription agreement between Petro Matad and The European Bank for Reconstruction and Development (the \"EBRD\") dated 18 December 2009, the EBRD has the right to subscribe, at the same price, for such number of Shares so as to maintain its percentage holding in the Company at the level prior to the Share Issue (the \"Prospective EBRD Subscription\"). The EBRD is able to subscribe for all or part of its entitlement and its right to subscribe on these terms will expire on 11 October 2010. A further announcement of the EBRD's intention will be made by the Company in due course.\n \nTimetable\n \nThe issue of the Placing Shares, the Shares to be issued pursuant to the Direct Subscriptions and the Prospective EBRD Subscription will each take place separately.\n \nApplication has been made for the Placing Shares to be admitted to AIM and it is expected that trading will commence in the Placing Shares at 8.00 a.m. on 22 September 2010. The Placing is expected to complete on admission of the Placing Shares to trading.\n \nThe issue of the Shares to be issued pursuant to the Direct Subscriptions is expected to be completed at 8.00 a.m. on or around 1 October 2010 on admission of the Direct Subscription Shares to trading on AIM.\n\n\n \nUse of Proceeds\n \nThe net proceeds of the Share Issue will enable the ...