By Laura Lutz
Des Moines, Oct. 31 - Egdon Resources plc secured £12 million from a private placement of shares.
The company arranged the placement of 6,315,790 ordinary shares at 190p each with new and existing institutional investors.
Seymour Pierce Ltd. is the placement agent for the deal.
In addition, the agent placed 1 million shares at the same price on behalf of Mark Abbott and Andrew Hindle, joint managing directors of the company.
Following the placement, the company will have 65,465,764 shares outstanding.
Proceeds will be used to fund construction of a proposed Portland gas storage facility.
Egdon is an oil and gas and gas-storage company based in Odiham, England.
| Issuer: | Egdon Resources plc
|
| Issue: | Ordinary shares
|
| Amount: | £12 million
|
| Shares: | 6,315,790
|
| Price: | 190p
|
| Warrants: | No
|
| Agent: | Seymour Pierce Ltd.
|
| Announcement date: | Oct. 31
|
| Stock symbol: | London: EDR
|
| Stock price: | 200.35p at close Oct. 31
|
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