8th Dec 2005 10:33
Island Oil and Gas PLC08 December 2005 8 December 2005 ISLAND OIL AND GAS COMPLETES STG£8.3 MILLION FUNDRAISING Island Oil and Gas plc ("Island" or "The Company"), the technology-ledindependent exploration and production company, today announces that it hassuccessfully completed a placing to raise approximately Stg£8.3 million,inclusive of expenses, through the issue of 11,874,000 new Ordinary Shares of€0.01 each at a price of Stg£0.70 per share. The placing, which was arranged byDavy, was supported by a number of existing and new institutional and privateinvestors. In addition to the placing shares, 5,937,000 warrants have been issued to thenew shareholders, on the basis of one warrant for every two new sharessubscribed for, at an exercise price of Stg£0.70 per share. These warrants maybe exercised up to the later of either 21 April 2006 or 10 days after thespudding of the first well in Island's 2006 drilling programme. If all thewarrants are exercised, a further £4.15 million approximately will be raised forthe Company. The funds raised will support Island's planned three well drilling programmeoffshore Ireland in 2006 for which the semi-submersible rig "Petrolia" hasalready been contracted, as previously announced. Further details of the drilling programme will be announced in due course. Application will be made to the London Stock Exchange for up to 11,874,000Ordinary Shares to be admitted to trading on AIM. Dealing is expected tocommence in these shares on 13 December 2005. These new shares have beenallotted and will rank pari passu in all respects with the 47.33 millionexisting issued Ordinary Shares. Enquiries: Lisa J Newman MCIPR MIRS Tel: +44 (0)1252 878682Newman Consulting Email: [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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