Business
Results of Placing
Results of Placing.
About this update from Savannah Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6833S Savannah Petroleum PLC 10 July 2015 \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, AUSTRALIA, CANADA, JAPAN, JERSEY, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n10 July, 2015\nSavannah Petroleum PLC\n(\"Savannah\", \"Savannah Petroleum\" or the \"Company\")\n \nResults of Placing\n \nSavannah Petroleum, the Niger focused oil and gas company, is pleased to announce the successful completion of the proposed placing, as announced yesterday, 9 July 2015 (the \"Placing\").\n \nA total of 61,690,000 new ordinary shares of par value £0.001 each in Savannah Petroleum (the \"Placing Shares\") have been placed at a price of 38 pence per Placing Share, raising gross proceeds of approximately US$36 million. Of this total, 17,136,000 Placing Shares will be subscribed direct with the Company. Mirabaud and Stifel are acting as Joint Bookrunners in respect of the Placing. Strand Hanson is acting as Nominated Adviser.\n \nThe Placing Shares being issued represent approximately 47 per cent. of the Company's existing issued ordinary share capital. The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares of the Company, including the right to receive all dividends or other distributions made, paid or declared in respect of such shares after the date of issue of the Placing Shares.\n \nThe Placing Shares are to be issued in two tranches, the second of which is conditional, inter alia, on the approval of Savannah shareholders:\n \nFirst Tranche\n \nA first tranche of 43,779,000 new Ordinary Shares (the \"First Tranche Shares\") will be issued immediately following settlement on 13 July 2015, raising gross proceeds of approximately US$26 million.\n \nSecond Tranche\n \nA second tranche of 17,911,000 new Ordinary Shares (the \"Second Tranche Shares\") will be issued on or before 3 August 2015, subject to, inter alia, the receipt of shareholder approval of the necessary resolutions to enable the issue of the Second Tranche Shares. The Company will be...