Company plans to use deal's proceeds for development, working capital
By Devika Patel
Knoxville, Tenn., March 9 - New World Oil and Gas plc said it concluded an £8.5 million private placement of shares.
The company sold 106.25 million ordinary shares at 8p each. The per-share price is an 11.11% discount to the March 8 closing share price of 9p.
Proceeds will be used for development of the company's portfolio of investments and to provide additional working capital.
In addition, the company announced that discussions are ongoing with potential farm-in partners looking to participate in New World's assets that include the Blue Creek Project in Belize and the Danica Jutland and Danica Resources Projects in Denmark.
The oil and gas investment company is based in Jersey, England.
| Issuer: | New World Oil and Gas plc
|
| Issue: | Ordinary shares
|
| Amount: | £8.5 million
|
| Shares: | 106.25 million
|
| Price: | 8p
|
| Warrants: | No
|
| Settlement date: | March 9
|
| Stock symbol: | London: STEL
|
| Stock price: | 9p at close March 8
|
| Market capitalization: | £11.52 million
|
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