Samson Oil & Gas to raise $17.3m
You have no credits left. To view this article subscribe to Business News.
You have used {{points}} and have {{current_points}} remaining. Your credits will reset on {{reset_date}}.
This article is part of a special report and is available to paid Business News subscribers only.
You can purchase access to this special report or subscribe to Business News.
You can purchase access to this special report or subscribe to Business News.
This article is premium content and is available to paid Business News subscribers only.
Subscribe to Business News.
Subscribe to Business News.
Wednesday, 2 September, 2009 - 15:09
Category:
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.
Companies: