Business
Savannah Successfully Raises US$40 million
Savannah Successfully Raises US$40 million.
About this update from Savannah Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6030D Savannah Petroleum PLC 07 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, AUSTRALIA, CANADA, JAPAN, JERSEY, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n7 July 2016\nSavannah Petroleum PLC\n(\"Savannah\", \"Savannah Petroleum\" or the \"Company\")\n \nSavannah Successfully Raises US$40 million\n \nTrading Restoration and Notice of General Meeting\n \nSavannah Petroleum, the Niger focused oil and gas company, is pleased to announce the successful completion of the proposed placing, as announced on 5 July 2016 (the \"Placing\").\n \nA total of 79,835,682 new ordinary shares of par value £0.001 each in Savannah Petroleum (\"Ordinary Shares\") have been conditionally placed at a price of 38 pence per Placing Share (the \"Placing Shares\"). \n \nAs also announced, it is the intention of certain of the directors and senior management of the Company to subscribe for an aggregate amount of approximately 1,444,318 new Ordinary Shares (the \"Subscription Shares\") on the same terms governing the wider Placing within one trading day of this announcement (the \"Subscription\"). A further announcement will be made in due course regarding the Subscription.\n \nTogether, the Placing and the Subscription, are expected to raise gross proceeds of approximately US$40.0 million. \n \nMirabaud Securities LLP acted as Sole Bookrunner and Joint Lead Manager, Panmure Gordon (UK) Limited acted as Joint Lead Manager and Merriman Capital Inc. and Auerbach Grayson & Company LLC acted as US Placing Agents. Strand Hanson acted as Nominated Adviser.\n \nTrading Restoration\nAs announced on 11 January 2016, the Ordinary Shares were suspended from trading on AIM on 11 January 2016. The trading suspension was at the request of the Company following it entering into a non-binding heads of terms regarding a potential transaction which, had it been completed on the proposed terms as set out in the agreement, would be classified as a reverse takeover under the AIM Rules.\nThe Board confirms that all discussions on the potential transaction have now been terminat...