By Sheri Kasprzak
New York, Jan. 19 - Roc Oil Co. Ltd. said it intends to raise A$75.88 million in a private placement.
The offering includes 28 million shares at A$2.71 each, sold to U.K.-based and other institutional investors.
The price per share is a 1.5% discount to the volume weighted average price of the company's stock for the first 12 days of January. The private placement represents 14.9% of Roc's issued share capital.
Oriel Securities Ltd. is the placement agent.
Proceeds will be used to accelerate Roc's exploration program on the Cabinda South Block.
Based in Sydney, Australia, Roc is an oil and natural gas exploration company.
| Issuer: | Roc Oil Co. Ltd.
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| Issue: | Stock
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| Amount: | A$75.88 million
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| Shares: | 28 million
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| Price: | A$2.71
|
| Warrants: | No
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| Placement agent: | Oriel Securities Ltd.
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| Pricing date: | Jan. 19
|
| Stock symbol: | Australia: ROC
|
| Stock price: | A$2.79 at close Jan. 19
|
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