Funds from placement with Quantum Partners for continued exploration
By Marisa Wong
Madison, Wis., Dec. 8 - New Guinea Energy Ltd. said it will raise A$20,184,559 through a private placement of ordinary shares to Quantum Partners LP, a private investment fund managed by Soros Fund Management LLC.
The company will sell 165,447,205 shares at A$0.122 per share in two tranches. The price per share represents a 2.4% discount to the Dec. 7 closing share price of A$0.125.
The first tranche for 100,181,598 shares is expected to settle on Dec. 14. The second tranche for 65,265,607 shares is subject to shareholder approval at a general meeting to be held in late January.
Madison Williams and Co. LLC is the placement agent.
Proceeds will provide the company with additional working capital to fund its continuing exploration activities.
New Guinea is a Sydney, Australia-based petroleum exploration and production company with interests in Papua New Guinea.
| Issuer: | New Guinea Energy Ltd.
|
| Issue: | Ordinary stock
|
| Amount: | A$20,184,559
|
| Shares: | 165,447,205 (in tranches of 100,181,598 and 65,265,607)
|
| Price: | A$0.122
|
| Warrants: | No
|
| Investor: | Quantum Partners LP
|
| Agent: | Madison Williams and Co. LLC
|
| Settlement date: | Dec. 14 for first tranche
|
| Stock symbol: | Australia: NGE
|
| Stock price: | A$0.14 at close Dec. 8
|
| Market capitalization: | A$95.84 million
|
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