Offer sells 20,537,300 ordinary shares at 21p each, a 13.4% discount
By Devika Patel
Knoxville, Tenn., June 7 - Trap Oil Group plc said it has conditionally raised £4.31 million in a private placement of stock. The deal was arranged by Mirabaud and FirstEnergy.
The company sold 20,537,300 ordinary shares at 21p each. The per-share price is a 13.4% discount to the June 6 closing share price of 24.25p.
Proceeds will be used in relation to the planned acquisition of the Trent East Interest, for commitments in connection with the company's 27th round license applications, for additional drilling opportunities and as general working capital.
Trap Oil is a London-based oil and gas exploration company.
| Issuer: | Trap Oil Group plc
|
| Issue: | Ordinary shares
|
| Amount: | £4,312,833
|
| Shares: | 20,537,300
|
| Price: | 21p
|
| Warrants: | No
|
| Agents: | Mirabaud and FirstEnergy
|
| Settlement date: | June 7
|
| Stock symbol: | London: TRAP
|
| Stock price: | 24.25p at close June 6
|
| Market capitalization: | £64.18 million
|
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