20th Mar 2019 09:39
LONDON (Alliance News) - Serinus Energy PLC on Wednesday said it hopes to raise USD3.0 million via a share placing in order to repay funds owed to the European Bank for Reconstruction & Development.
The oil & gas firm will place 21.6 million units at 10.5 pence. Each unit will consist of one ordinary share and 0.105 of a share warrant in the company.
Each warrant will entitle the holder to purchase one share at 10.5p - the same as the placing price - within the next two years.
Serinus has 217 million shares in issue at present, so the placing represents 10% of its existing share capital.
Serinus Energy shares were trading up 6.8% at 10.95p each.
The funds raised in the placing will be used to repay USD2.9 million funds owed to the EBRD, due on March 31.
"Assuming performance of the company's assets in Romania and Tunisia is in line with management's forecasts and the relevant oil & gas prices during the period remain at or above current levels, the company expects to be fully funded for at least the next 12 months following completion of the placing," Serinus added.
Admission of the new shares to trading is expected on Tuesday, following which the company will have 238.9 million shares in issue.
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Serinus Energy