By Laura Lutz
Des Moines, May 21 - Island Oil & Gas plc completed its previously announced private placement of shares for £13,748,812.
The company sold 35,253,365 shares at 39p each.
Investors will also receive one warrant for every four shares in the placement. Each warrant will be exercisable at 45p until July 16.
RMB Resources was one of the subscribers.
J&E Davy and Bridgewell Ltd. are the joint brokers. The placement was not underwritten.
The company also announced that it plans to refinance its £7.5 million short-term loan facility with RMB Resources with a larger secured, medium-term debt facility. Proceeds of the refinancing will be used for drilling and other activities.
The placement was announced on May 17 with a minimum size of £12.5 million.
Island is an oil and gas company based in Dublin, Ireland.
| Issuer: | Island plc
|
| Issue: | Ordinary shares
|
| Amount: | £13,748,812
|
| Shares: | 35,253,365
|
| Price: | 39p
|
| Warrants: | One for every four shares
|
| Warrant expiration: | July 16
|
| Warrant strike price: | 45p
|
| Brokers: | J&E Davy, Bridgewell Ltd.
|
| Pricing date: | May 17
|
| Settlement date: | May 21
|
| Stock symbol: | London: IOG
|
| Stock price: | 43p at close May 17
|
| Stock price: | 46p at close May 21
|
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