5th Feb 2014 17:49
LONDON (Alliance News) - President Energy PLC Wednesday said it is planning a fundraising by way of a placing in order to raise a minimum of USD40 million.
The oil and gas company said it has the option to upsize the placing to USD50 million and has proposed an open offer to President's existing shareholders to raise an additional USD7 million.
The company said the deal will be made by way of an accelerated book build process and the issue price will be determined upon completion of the accelerated bookbuild.
President Energy said the placing and open offer is being set up following a placing agreement entered into between President, RBS and Canaccord Genuity, who each agreed to procure subscribers on a reasonable endeavours basis for the placing shares.
President Energy shares closed down 2.5% at 46.549 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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