Upsized deal sells company shares at A$1.02 apiece, an 11.3% discount
By Devika Patel
Knoxville, Tenn., July 27 - Drillsearch Energy Ltd. said it settled a A$50 million private placement of shares. The deal priced for A$40 million on Thursday.
The company sold shares at A$1.02 apiece. The price per share reflects an 11.3% discount to the July 25 closing share price of A$1.15 and also represents a 5% discount to A$1.0736, the 10-day volume-weighted average price of the shares, the company said in a press release.
Major shareholder QGC Pty Ltd. purchased 4.6 million shares for A$4.69 million.
Proceeds will be used to accelerate Western Flank Oil production, expand the Wet Gas Pilot Project and begin the Wet Gas appraisal and development program.
The oil and gas exploration, development and production company is based in Sydney, Australia.
| Issuer: | Drillsearch Energy Ltd.
|
| Issue: | Shares
|
| Amount: | A$50 million
|
| Price: | A$1.02
|
| Warrants: | No
|
| Investor: | QGC Pty Ltd. (for A$4,692,000)
|
| Pricing date: | July 26
|
| Settlement date: | July 27
|
| Stock symbol: | Australia: DLS
|
| Stock price: | A$1.15 at close July 25
|
| Market capitalization: | A$343.38 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
