Borders & Southern Petroleum plc has raised gross £1,860,000 via a 3% discounted placing of 39,157,895 new ordinary shares and £140,000 through a subscription for 2,947,368 new ordinary shares.
DIRECTORS
The placing, at 4.75 pence per share, is with “various UK and European institutional investors”, directors, management as well as existing and new sophisticated investors.
Following admission of the total 42,105,263 new ordinary shares, the number of ordinary shares in the capital of the company in issue will be 873,419,719, with voting rights.
Participants in the fundraise include non-executive chairman Harry Dobson who subscribed for 2,947,368 new ordinary shares, taking his holding to 112,319,368, representing 12.2% of the enlarged share capital.
Chief executive officer Harry Baker subscribed for 421,053 shares (3,754,386; 0.41%) and non-executive director Will Holden subscribed for 210,526 shares (877,193; 0.10%).
Substantial shareholder Alan Brimacombe subscribed for 3,552,632 placing shares.
Net proceeds will fund fees for the company’s three South Falkland Basin operated production licences, technical and commercial studies, general and administrative expenses, and advance the Darwin gas condensate discovery towards appraisal.
Borders is also holding a retail offer, due to close on 21 February, to its existing retail shareholders to raise up to £200,000 for up to 4,210,526 new ordinary shares each at 4.75 pence.