16th Sep 2014 09:32
LONDON (Alliance News) - Sirius Petroleum PLC Tuesday said the details of its conditional placing remain unchanged, after confirmations were not received for a tranche of the shares but were taken up elsewhere and other buyers agreed to an extension of the long-stop date.
Sirius said placees of 833,333 shares of the 6.2 million whose confirmations had not been received at September 12 have now agreed to the extension of the long stop date on the conditional placing. The others did not and therefore their placing commitments have lapsed, Sirius said.
The company said those 5.3 million remaining shares, along with the 3 million which would otherwise have lapsed too, have now been conditionally place.
Sirius raised GBP11.7 million from the total placing of up to 389.9 million shares, which were priced 3 pence per share. The total number of shares issued as part of the placement was unchanged.
Sirius shares were up 1.7% to 2.925 pence on Tuesday.
"I am delighted that the total amount of equity funding remains available and we have extended the long stop date. Whilst the timing is frustrating, we remain focused on funding the Ororo Field with minimal equity dilution and look forward to updating shareholders further on the conclusion of our funding," said Sirius Chief Executive Bobo Kuti.
By Sam Unsted; [email protected]; @SamUAtAlliance
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