Samson Oil & Gas to raise $17.3m

Perth-based Samson Oil and Gas plans to raise more than $17 million through a rights issue with Patersons Securities to underwrite up to $10 million.

Samson said it plans to use the funds for a drilling program in North America, repay a portion of its debt facility with Macquarie Bank and working capital.

Under the rights issue, shareholders will be able to subsribe to six new shares for every security held, with each share priced at 1.2 cents. The issue is anticipated to raise around $17.3 million.

Subscribers will also receive one new option for every 10 new shares subscribed to.

Shares in Samson closed down 0.1c to 2.9c today.

Patersons has agreed to underwrite up to $10 million of the raising, provided that Samson raises $4.4 million.