By Devika Patel
Knoxville, Tenn., June 2 - Mediterranean Oil & Gas plc announced it plans a £4.25 million private placement of 9.9% convertible loan notes.
The notes mature Nov. 30, 2011. Each £1,000 note is convertible at any time into the company's ordinary shares at 40p per share.
Each note comes with a warrant for 2,500 shares. The warrants are exercisable at 45p until Nov. 30, 2012.
Stark Master Fund Ltd. will buy £1.3 million in notes.
Tristone Capital is the broker.
Proceeds will be used for the continuing studies, approvals and other work necessary for the Ombrina Mare development and for general corporate purposes.
Mediterranean Oil & Gas is a London oil and gas company.
| Issuer: | Mediterranean Oil & Gas plc
|
| Issue: | Convertible loan notes
|
| Amount: | £4.25 million
|
| Maturity: | Nov. 30, 2011
|
| Coupon: | 9.9%
|
| Price: | Par of £1,000
|
| Yield: | 9.9%
|
| Conversion price: | 40p
|
| Warrants: | For 2,500 shares per note
|
| Warrant expiration: | Nov. 30, 2012
|
| Warrant strike price: | 45p
|
| Broker: | Tristone Capital
|
| Investor: | Stark Master Fund Ltd. (for £1.3 million)
|
| Pricing date: | June 2
|
| Stock symbol: | London: MOG
|
| Stock price: | 47p at close June 2
|
| Market capitalization: | £16.7 million
|
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