Buccaneer Energy Limited announced on 4 July 2011 the placement of approximately 194 million ordinary shares to raise $13.5 million from institutional and professional investors.
The equity raising involved the placement of approximately 97 million shortfall shares from the Share Purchase Plan (SPP) and an additional placement of approximately 97 million ordinary shares.
HopgoodGanim Partner Nicole Radice and Associate Emily Ackland advised Buccaneer Energy on the Share Purchase Plan (which raised an additional $7,300,081) and the subsequent placement agreement which, combined with the Share Purchase Plan will raise approximately $20 million for the company.
"We were pleased that our client was able to secure funding by way of this placement in the current market," said Ms Radice.
The SPP Shortfall and the additional placement were placed at an issue price of $0.095 and $0.045 per share respectively. Investors were required to subscribe for equal number of shares in the SPP Shortfall and the additional placement. As such the blended price was $0.07 per share.
The equity raising will be applied towards the company's current projects and working capital as identified in the company announcement dated 4 July 2011.
Helmsec Global Capital Limited acted as Lead Manager of the capital raising.
For further information, contact Kym Hill, Communications Advisor.
