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African Petroleum Corporation raises US$12.5 million


Published Mar 30, 2015
African Petroleum Corporation Limited

African Petroleum has successfully raised NOK 95,016,200 (approximately US$12.5 million) in gross proceeds through the allocation of 271,732,000 offer shares at a subscription price of NOK 0.35 per share. The Company was particularly pleased by the confidence it received from new and existing blue-chip institutional investors, and the Board is encouraged to have completed the Private Placement considering the current uncertainly in world oil markets.

The Company is offering the remaining balance of 54,346,000 shares to raise up to an additional NOK 19 million (approximately US$2.5 million) to the retail sector priced at NOK 0.35 with a free two-year NOK 0.75 share option for every one share subscribed for. The subscription period for the Subsequent Repair Offering closes on 27 March 2015.

Tags: African Petroleum Corporation Limited




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