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PetroLatina Energy announces placing to raise US$11.5 million
30 Jul 2010
AIM-listed PetroLatina Energy has agreed to place, in aggregate, 18,503,500 new ordinary shares of US$0.10 par value each in the Company at a placing price of 40 pence per share to raise approx. US$11.5 million (at the prevailing USD/GBP exchange rate), of which US$10.0 million gross has been subscribed by Tribeca Oil & Gas Inc., an existing substantial shareholder in the Company, and US$1.5 million gross by a company associated with Juan Carlos Rodriguez, a director of the Company. The Placing is conditional on admission of the Placing Shares to trading on AIM. The Placing Shares will rank pari passu in all respects with the Company's existing Ordinary Shares and will represent approx. 22.90 per cent. of the enlarged issued share capital of the Company.
The net proceeds from the Placing will be used to finance the group's ongoing work programme and exploration expenditure in Colombia and for general working capital purposes. The Company expects to raise additional equity finance in due course to ensure that the group maintains an appropriate capital structure and is able to fully fund its committed development programme.
Source: PetroLatina Energy
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