23rd Jan 2019 17:18
LONDON (Alliance News) - Savannah Petroleum PLC on Wednesday said it is planning to raise approximately USD23 million via an accelerated bookbuild.
At current prices, the new shares issued in the placing are predicted to represent around 7% of Savannah Petroleum's shares. The bookbuild opens with immediate effect with Mirabaud Securities Ltd and H&P Advisory Ltd acting as joint bookrunners.
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.
Savannah Petroleum said that the number of new shares and placing price will be announced "in due course".
The company also said it is "on schedule" to sign an implementation agreement by the end of January that will grant control of Accugas Ltd to Savannah Petroleum.
Shares in Savannah Petroleum closed up 2.7% at 30.80 pence on Wednesday.
Related Shares:
SAVP.L