By Devika Patel
Knoxville, Tenn., July 7 - Ithaca Energy Inc. said it will raise £48.26 million in a private placement of shares.
The company will sell 45.1 million common shares at 107p apiece.
CIBC and Cenkos Securities plc are the agents.
The company also plans to sell 47.6 million common shares at C$1.70 per share for C$81 million in an underwritten public offering.
Proceeds will be used to develop the enlarged Greater Stella Area, which includes the Stella, Harrier and Hurricane discoveries, and for general corporate purposes.
Calgary, Alta.-based Ithaca Energy is an oil and natural gas exploration and development company.
| Issuer: | Ithaca Energy Inc.
|
| Issue: | Common shares
|
| Amount: | £48,257,000
|
| Shares: | 45.1 million
|
| Price: | 107p
|
| Warrants: | No
|
| Agents: | CIBC and Cenkos Securities plc
|
| Pricing date: | July 7
|
| Stock symbol: | TSX Venture: IAE
|
| Stock price: | C$1.84 at close July 7
|
| Market capitalization: | C$299 million
|
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