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Rose Petroleum intends to raise £3.5m by way of a conditional placing and subscription


Published Dec 3, 2014
Rose Petroleum plc-2

Rose Petroleum intends to raise £3.5m by way of a conditional placing and subscription.

Summary of the Placing

• The Company proposes to raise £3.5m (before expenses) by way of a conditional placing by Allenby Capital Limited (Allenby Capital) and Pareto Securities Limited (Pareto) and a subscription of, in aggregate, 199,999,987 new ordinary shares of 0.1 pence each (Ordinary Shares) (the "Placing Shares") at a price of 1.75 pence per share (the "Placing") • Placing Shares have been conditionally placed with institutional and other investors • The Placing is subject to, amongst other things, admission of the Placing Shares to trading on AIM ("Admission"), expected to take place on 5 December 2014 • The net proceeds of the Placing will be used to provide funds to develop the Company's Mancos and Paradox assets in eastern Utah and to meet general Group overheads • The Company also announces that early stage discussions are taking place for potential project level funding into Rose's subsidiary, Rose (Utah), LLC to further accelerate development of the Mancos and Paradox assets

Tags: Rose Petroleum plc




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