Business
Proposed placing and resumption of trading
Proposed placing and resumption of trading.
About this update from Savannah Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3255D Savannah Petroleum PLC 05 July 2016 \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, REPUBLIC OF IRELAND, AUSTRALIA, CANADA, JAPAN, JERSEY, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n \n5 July 2016\nSavannah Petroleum PLC\n(\"Savannah\" or the \"Company\")\n \nProposed placing of new ordinary shares to raise approximately US$40 million\n \nResumption of trading on AIM\n \nSavannah Petroleum, the Niger focused oil and gas company, announces today its intention to raise up to US$40 million through an issue of new ordinary shares of £0.001 each (\"Ordinary Shares\"), at a placing price of 38 pence per Ordinary Share (the \"Placing Price\") with certain existing and new institutional and other investors via an accelerated book-build. The proceeds are intended to be used to recommence ground operations on the Company's assets in H2 2016 and for general corporate purposes.\n \nThe Placing, has been conducted by Mirabaud, acting as Sole Bookrunner and Joint Lead Manager, Panmure Gordon, acting as Joint Lead Manager, and Merriman Capital Inc. and Auerbach Grayson & Company LLC acting as US Selling Agents (the \"US Selling Agents\"), pursuant to the terms and conditions of the Placing Agreement, is conditional, inter alia, upon Admission.\n \nDetails of the Placing\n \nThe Company intends to place approximately 18,875,000 new Ordinary Shares (the \"First Placing Shares\") at the Placing Price conditional only on Admission, which is expected to occur at 8.00 a.m. on 8 July 2016. The First Placing Shares have been issued pursuant to the existing pre-emption disapplication authority granted to the Directors by Shareholders at the annual general meeting of the Company held on 28 June 2016. The placing of the First Placing Shares raised, in aggregate, gross proceeds of approximately £7.2 million (approximately US$9.3 million). Following their Admission, the First Placing Shares will represent approximately 9 per cent. of the Company's then enlarged issued ordinary share capital (which includes the Subscription Shares, as defined below) and the holders ...