21st Sep 2012 09:03
21 September 2012
TANGIERS PETROLEUM LIMITED TANGIERS UNDERTAKES A$5 MILLION CAPITAL RAISING
Tangiers Petroleum Limited (the "Company") is pleased to announce that it has resolved to undertake a $5 million capital raising at A$0.28/GBP£0.18 per share which will consist of a $4.2 million Placement and $0.8 million Share Purchase Plan ("SPP") to shareholders.
The Placement will be settled in two tranches where an initial tranche of 8,120,500 ordinary shares priced at GBP£0.18 raising approximately GBP£1.45 million ($2.2 million) will be issued to UK investors immediately under Tangiers placing capacity and the remaining $2 million will be issued to Australian and UK investors subject to shareholder approval at an EGM scheduled to be held in late October. The Tangiers Board has appointed DJ Carmichael as Lead Manager to the Australian Placement and SPP and Old Park Lane Capital PLC acting as Broker to the UK component.
Application will be made for the new shares to be admitted to trading on both the ASX and the AIM market. The initial tranche of placement shares are expected to commence trading on AIM on or around 27 September 2012.
KRYSTEL KIROUJoint Company SecretaryTangiers Petroleum LimitedLevel 6, 5 Mill StreetPerth WA 6000, AustraliaPh: +61 8 9485 0990 www.tangierspetroleum.comContactsRFC Ambrian Limited (Nominated Adviser)Mr Stuart Laing+61 8 9480 2506Old Park Lane Capital PLC (Joint AIM Broker)Mr Michael ParnesMr Luca Tenuta+ 44 20 7493 8188Shore Capital Stockbrokers Ltd (Joint AIM Broker)Mr Jerry KeenMr Bidhi Bhoma+ 44 20 7408 4090
Mr Ed Portman (Media and Investor Relations - United Kingdom) Tavistock Communications +44 20 7920 3150
Related Shares:
88 Energy