PetroTal Corp. - Result of Placing

About this update from Petrotal Corp.

[{"type":"text","content":"\n\n\n\nPetroTal Corp. - Result of Placing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 31, 2019\n\n\n\nCALGARY, May 31, 2019 /CNW/ - Capitalised terms used in this announcement (the \"Announcement\") have the meanings given to them in the announcement made at 9.07 a.m. on 31 May 2019 regarding, inter alia, the proposed placing (the \"Placing Announcement\"), unless the context provides otherwise.\nPetroTal Corp. (\"PetroTal\" or the \"Company\") (TSX-V: TAL and AIM: PTAL), an independent oil and gas company with assets and operations in Peru, is pleased to announce that further to the Placing Announcement released earlier today, the Bookbuild has been successful and is now closed. \nIn order to satisfy demand from investors, but without causing undue dilution to existing Shareholders, the Company has increased the size of the Placing.\nThe Company has successfully placed 133,333,333 new Common Shares at a Placing Price of 15 pence per share, raising gross proceeds of £20 million. \nThe Placing was significantly oversubscribed and the book is principally comprised of new UK institutional Shareholders. GMP FirstEnergy, Numis and Pareto acted as the Joint Bookrunners in relation to the Placing.  Strand Hanson acted as Nominated & Financial Adviser to the Company on the Placing. \nManolo Zúñiga, President and CEO of PetroTal commented: \n\"We are delighted with the results of the Placing, for which we received demand for almost twice the initial base deal, and would like to thank our investors for their participation.  We particularly welcome the new institutions who have joined the Company today. The capital raised will allow PetroTal to pursue the full development of our Bretaña oilfield where we anticipate reaching production in excess of 10,000 bopd by the year end.\"\nAdmission to trading and total voting rights \nApplication has been made to the London Stock Exchange for the admission Placing Shares to trading on AIM. It is expected that Admission will occur and that dealings in the Placing Shares wi...

More updates from Petrotal Corp.