By Devika Patel
Knoxville, Tenn., July 18 - Rift Oil plc announced that it has entered into a placing agreement with RBC Capital Markets to raise up to £11 million.
The company plans to issue up to 293,333,333 ordinary shares at 3.75p apiece.
The placing represents 42.06% of Rift's enlarged share capital.
Proceeds will be used to seek to prove up reserves.
Rift Oil is a London-based oil and gas company engaged in exploration in Papua Guinea.
| Issuer: | Rift Oil plc
|
| Issue: | Stock
|
| Amount: | £11 million
|
| Shares: | 293,333,333
|
| Price: | 3.75p
|
| Pricing date: | July 18
|
| Stock symbol: | LSE: RIFT
|
| Stock price: | 4.15p at close July 17
|
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