7th Jun 2023 09:57
Jadestone Energy PLC - oil and gas production company focused on Asia-Pacific region - Completes USD85 million financing which consists of a net USD50 million placing and subscription at a price of 45 pence per share, and the standby working capital facility by Tyrus Capital SAM and funds controlled by it. Tyrus Capital is a London-based investment platform. The placing price is an 8.2% discount to Jadestone's 49p closing price on Tuesday. Jadestone says that the shares issued represents approximately 17% of the company's enlarged ordinary share capital at admission. Jadestone confirms the details of the open offer to raise gross proceeds of up to USD8.3 million for existing shareholders who have not participated in the placing. Shares will also be priced at 45p each in open offer.
"The proposed financing seeks to provide Jadestone with balance sheet resilience and financial flexibility, protecting it in a reasonable downside scenario as it progresses a number of catalysts to deliver significant near-term production growth from existing assets and new developments, as well as additional M&A upside," the firm explained on Tuesday, when announcing the financing plans.
Current stock price: 42.05 pence, down 14%
12-month change: down 60%
By Will Neill, Alliance News reporter
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