24th Jan 2019 10:14
LONDON (Alliance News) - Savannah Petroleum PLC on Thursday said it placed 62.8 million shares at 28 pence each, raising USD23 million.
Savannah shares were trading down 9.1% at 28.00p each.
The placing shares represent approximately 8% of the company's current issued share capital and will be admitted to trading on AIM on Friday, after which Savannah will have 879.8 million shares in issue.
The oil and gas company intends to use the placing proceeds "to fund working capital" and Chief Executive Andrew Knott is expected to participate in the placing for a total of USD500,000.
Chair Steve Jenkins, Chief Financial Officer Isatou Semega-Janneh, Chief Operating Officer David Clarkson and Non-Executive Director Mark Iannotti will also participate in the placing for an aggregate of USD756,360.
Related Shares:
SAVP.L