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Publication of Placing Proof Admission Document
Publication of Placing Proof Admission Document.
About this update from Savannah Energy Plc
[{"type":"text","content":"\n \nRNS Number : 1261A Savannah Petroleum PLC 21 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 \n21 December 2017\nSavannah Petroleum PLC\n(\"Savannah\" or the \"Company\")\n \nPublication of Placing Proof Admission Document\nFurther to its announcement of 20 December 2017, Savannah today confirms it has published its placing proof admission document in relation to its intention to raise up to US$125m through an issue of new ordinary shares of £0.001 each (\"Ordinary Shares\") by way of a placing (the \"Placing\") with institutional investors (the \"Placees\") to fund, inter alia, the cash consideration portion of the proposed acquisition of certain of the Nigerian oil and gas assets of Seven Energy International Limited (\"Seven\") (the \"Agreed Transaction\").\nAs previously announced, it is expected that the price per Ordinary Share issued to the Placees pursuant to the Placing (the \"Placing Price\" and the \"Placing Shares\") will be 35 pence per share, with Placees also being entitled to receive 0.5 unlisted, non-tradeable warrants over each Placing Share subscribed for, exercisable over a 12 month period from completion of the second tranche of the Placing at the Placing Price (the \"Warrants\"). The Warrants that are attributable to the Placing Shares to be issued as part of the first tranche of the Placing will not be granted until completion of the Second Tranche, and as such are conditional upon, inter alia, the passing of certain shareholder resolutions at a general meeting of the Company (\"General Meeting\"), expected to be held on 8 January 2018. Such Warrants may therefore not be granted, notwithstanding that the First Tranche Placing Shares would have been issued.\nUnless otherwise defined, capitalised terms in this announcement have the same meaning ascribed to them in the Company's announcements of 14 and 20 December 2017.\nAdditional Information on the Placing and the Bookbuild\nInstitutional bookbuilding (the \"Bookbuild\") will continue today, and is expected to close at 7.30 a.m. (London time) on 22 December 2017, with the publication of the Company's final Admission Document and restoration of Savannah's shares to trading expected to follow shortly thereafte...