Business
Completion of Bookbuild and Close of Placing
Completion of Bookbuild and Close of Placing.
About this update from Savannah Energy Plc
[{"type":"text","content":"\n \nRNS Number : 1840A Savannah Petroleum PLC 22 December 2017 \n\nNOT FOR RELEASE OR DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND OR SINGAPORE\n \n22 December 2017\nSavannah Petroleum PLC\n(\"Savannah\" or the \"Company\")\n \nCompletion of Bookbuild and Close of Placing\nSavannah Successfully Raises US$125 million\nPublication of Admission Document, Notice of General Meeting and Restoration of Trading\nSavannah is pleased to announce the completion of its placing of new ordinary shares of £0.001 each (\"Ordinary Shares\") with institutional and certain other investors (the \"Placees\"), as announced on 14 and 21 December 2017 (the \"Placing\").\nA total of 266,462,000 new Ordinary Shares have been placed at a price of 35 pence per share (the \"Placing Shares\") (the \"Placing Price\"). Placees are also entitled to receive one unlisted, non-tradeable warrant for every two Placing Shares subscribed for, exercisable over a 12 month period from completion of the second tranche of the Placing at the Placing Price (the \"Warrants\"). The Placing is expected to raise gross proceeds of US$125 million. The Placing will be completed in two tranches: the first involving the issue of 27,462,000 Placing Shares (raising gross proceeds of approximately US$12.9 million); and the second tranche involving the issue of 239,000,000 new Ordinary Shares (raising gross proceeds of approximately US$112.1 million), conditional upon, inter alia, the approval by Shareholders to be sought at a general meeting of the Company convened for 8 January 2018 (the \"General Meeting\") and admission of the Consideration Shares (as defined below). \nThe net proceeds of the Placing will be used to fund, inter alia, the cash element of the Company's proposed acquisition of certain of the Nigerian oil and gas assets of Seven Energy International Limited (\"Seven\") (the \"Agreed Transaction\"), Savannah's planned drilling campaign in Niger and for general corporate purposes. The Agreed Transaction was classified as a reverse takeover under the AIM Rules for Companies and led to the Company's existing Ordinary Shares being suspended from trading on 8 June 2017.\nBarclays Bank PLC acted as Global Coordinator and Joint Bookrunner, Mirabaud Securities Limi...