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Oversubscribed conditional placing to raise ?6.5m
Oversubscribed conditional placing to raise ?6.5m.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \nRNS Number : 0984K Rose Petroleum PLC 20 June 2014 \n \n\nRose Petroleum plc\n(\"Rose\" or the \"Company\")\nIntention to raise £6.5m by way of an oversubscribed conditional placing and subscription\nRose Petroleum plc (AIM Ticker: ROSE) is pleased to announce its intention to raise £6.5m by way of an oversubscribed conditional placing and subscription.\nSummary of the Placing\n- The Company proposes to raise £6.5m (before expenses) by way of an oversubscribed conditional placing by Allenby Capital Limited (\"Allenby Capital\") and Pareto Securities Limited (\"Pareto\") and a subscription of 433,333,322 new Ordinary Shares of 0.1 pence (\"Ordinary Shares\") each (the \"Placing Shares\") at a price of 1.5 pence per share (the \"Placing\")\n- Placing Shares have been conditionally placed with institutional and other investors and certain Directors \n- Subject to approval by shareholders of the authority to allot shares (the \"Resolution\") at the forthcoming Annual General Meeting to be held at 9.00 a.m. on 27 June 2014 (the \"AGM\") and, amongst other things, to admission of the shares to be issued under the placing to trading on AIM (\"Admission\")\n- The net proceeds of the Placing will be used to develop the Company's Mancos and Paradox assets in Eastern Utah and, in particular,:\no to permit, shoot, process and interpret 3D seismic (July to December 2014);\no to drill and complete a horizontal Mancos well (Q3 2014);\no to test the vertical shut-in Paradox well (Q3 2014); \no to pursue strategic acquisitions (Q3 2014); and\no for general working capital purposes.\nMatthew Idiens, CEO, commented: \"I am delighted that we are able to announce this proposed oversubscribed placing and subscription of £6.5m. This initial financing will allow us to commence the development of our Mancos and Paradox assets and which we anticipate will lead to initial production from the project during the first half of next year. We are also pleased that a number of oil & gas companies that have expressed an interest in partnering with Rose on a project level. We have a fantastic opportunity in a region with a long history of significant production to dramatically change the future ...