By Laura Lutz
Washington, March 19 - Ascent Resources plc priced a private placement of shares for £3.5 million.
The company plans to sell 25 million ordinary shares at 14p each.
Cenkos Securities plc will place the shares with institutional investors.
Most of the proceeds will be used for the recent oil discovery in the Frosinone exploration permit in Italy and to increase its interest in the permit to 80% from 10%. The rest of the proceeds will be used for engineering and exploration.
Following the placement, the company will have 290,504,891 shares outstanding.
Ascent is an oil and gas company based in London.
| Issuer: | Ascent Resources plc
|
| Issue: | Shares
|
| Amount: | £3.5 million
|
| Shares: | 25 million
|
| Price: | 14p
|
| Agent: | Cenkos Securities plc
|
| Pricing date: | March 19
|
| Stock symbol: | London: AST
|
| Stock price: | 16.25p at close March 19
|
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