Business
Proposed acquisition and £10m placing
Proposed acquisition and £10m placing.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7261T\n Zephyr Energy PLC\n 29 March 2021\n \n \n \n \n THIS 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, INTO OR FROM THE UNITED STATES, RUSSIA, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n \n \n \n \n THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY ORDINARY SHARES OF ZEPHYR ENERGY PLC.\n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310. MARKET SOUNDINGS WERE TAKEN IN RESPECT OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS PREVIOUSLY BECAME AWARE OF SUCH INSIDE INFORMATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND ALL SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.\n \n \n \n \n \n 29 March 2021\n \n \n Zephyr Energy plc\n \n \n (the \"Company\" or \"Zephyr\")\n \n \n \n \n Equity fundraising of £10m to fund the upcoming Paradox lateral well and\n to acquire and fund oil producing interests in the Bakken Formation USA,\n and notice of General Meeting\n \n \n Zephyr Energy plc (AIM: ZPHR), the Rocky Mountain oil and gas company focused on responsible resource development, is pleased to announce a placing and subscription of 500,000,000 new ordinary shares of 0.1 p each in the Company (\"Placing Shares\"), at a price of 2.0 pence (\"p\") per Placing Share, to raise £10 million before expenses (the \"Placing\"). The Placing has been supported by a range of new and existing institutional investors, family offices, Zephyr Board members and other investors, and was conducted by Turner Pope Investments (\"TPI\") acting as sole broker for the Company.\n \n \n \n \n \n The proceeds from the Placing will be invested with the objective of transforming the Company into a self-sustaining platform for organic growth with a diverse port...