Placing to raise US$11.5 million
30 Luglio 2010 - 8:00AM
UK Regulatory
TIDMPELE
RNS Number : 2121Q
Petrolatina Energy PLC
30 July 2010
30 July 2010
PetroLatina Energy Plc
("PetroLatina" or the "Company")
Placing to raise US$11.5 million
PetroLatina (AIM: PELE), the independent oil and gas exploration, development
and production company focused on Latin America, announces that it has yesterday
agreed to place, in aggregate, 18,503,500 new ordinary shares of US$0.10 par
value each ("Ordinary Shares") in the Company (the "Placing Shares") at a
placing price of 40 pence per share (the "Placing Price") to raise approximately
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. ("TOGI"), 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"). 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 approximately 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.
Application will be made to the London Stock Exchange for the Placing Shares to
be admitted to trading on AIM ("Admission"). It is expected that Admission will
become effective and that dealings in the Placing Shares will commence at 8.00
a.m. on Thursday 5 August 2010. The Company's issued ordinary share capital will
consist of 80,790,978 Ordinary Shares with voting rights. PetroLatina does not
hold any Ordinary Shares in treasury and accordingly there are no voting rights
in respect of any treasury shares.
The aforementioned figure of 80,790,978 Ordinary Shares may be used by
shareholders in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest in, or a
change to their interest in, PetroLatina under the FSA's Disclosure and
Transparency Rules.
Following the issuance of the abovementioned Placing Shares, and TOGI's
subscription for 16,090,000 Placing Shares, TOGI and its related companies now
hold, in aggregate, 43,726,155 Ordinary Shares, representing approximately 54.12
per cent. of the Company's enlarged issued share capital and warrants over a
further 690,644 Ordinary Shares which are automatically exercisable if, and to
the extent that, any exercise of the Company's other existing outstanding
1,973,269 warrants occurs. In addition, TOGF currently holds an aggregate
principal amount of US$11.165 million of convertible 12 per cent. loan notes due
2011.
In addition to subscribing for the abovementioned Placing Shares, Rorick
Ventures Group Inc ("Rorick"), a company associated with Juan Carlos Rodriguez,
a director of the Company, has acquired 294,504 Ordinary Shares from Dignam
Holdings Limited at a price of 50 pence per share. Changes in the disclosable
interests of Mr Juan Carlos Rodriguez are as set out below:
+--------------------+----------------------+----------------------+
| Director | Interest immediately | Percentage of |
| | following Admission | enlarged issued |
| | | share capital |
+--------------------+----------------------+----------------------+
| Juan Carlos | 12,616,629 | 15.62 |
| Rodriguez* | | |
+--------------------+----------------------+----------------------+
Notes:
* - includes 2,535,872 Ordinary Shares held by Lyan Financial Corporation and,
following the subscription for 2,413,500 Placing Shares and the acquisition of
294,504 Ordinary Shares from Dignam Holdings Limited, 10,080,757 Ordinary Shares
held by Rorick, companies in which members of Juan Carlos Rodriguez's family
have beneficial interests. Mr Rodriguez also holds options over a further
1,000,000 Ordinary Shares and has a beneficial interest in Athos Enterprises
Limited which holds warrants over a further 160,000 Ordinary Shares.
Luc Gerard and Ciro Mendez, directors of PetroLatina, are President and
Investment Manager respectively of Tribecapital Partners S.A. of which TOGI is a
portfolio investment company. The participation of both TOGI and Rorick, a
company associated with Juan Carlos Rodriguez, in the Placing is considered to
be a related party transaction under the AIM Rules for Companies. Accordingly,
the independent directors, being John May and Menno Wiebe, consider, having
consulted with Strand Hanson Limited, that the terms of the Placing are fair and
reasonable insofar as the Company's shareholders are concerned.
Enquiries:
+---------------------------------------------+--------------------+
| PetroLatina Energy Plc | |
| Juan Carlos Rodriguez, Chief Executive | Tel: +57 1627 8435 |
| Officer | |
+---------------------------------------------+--------------------+
| Pawan Sharma, Executive Vice President - | Tel: +44 (0)20 |
| Corporate Affairs | 7766 0081 |
+---------------------------------------------+--------------------+
| | |
| Strand Hanson Limited | |
+---------------------------------------------+--------------------+
| Simon Raggett/Matthew Chandler | Tel: +44 (0)20 |
| | 7409 3494 |
+---------------------------------------------+--------------------+
| | |
| Evolution Securities Limited | |
+---------------------------------------------+--------------------+
| Rob Collins/Chris Sim | Tel: +44 (0)20 |
| | 7071 4304 |
+---------------------------------------------+--------------------+
| | |
| Financial Dynamics | |
+---------------------------------------------+--------------------+
| Ben Brewerton/Susan Quigley | Tel: +44 (0)20 |
| | 7831 3113 |
+---------------------------------------------+--------------------+
Additional Information on PetroLatina Energy Plc:
PetroLatina Energy Plc (AIM: PELE) is presently focused on Colombia where it
currently holds 45% and 20% interests respectively in the Los Angeles and Santa
Lucía fields on the Tisquirama licence, and a 100% interest in the Doña María
field. In April 2006 the Group acquired an interest in two exploration blocks:
an 85% interest in Midas and an 80% interest in La Paloma. In November 2007 the
Company secured the extension of the Tisquirama licence for the economic life of
the fields. In February 2009, the Group acquired the Putumayo-4 block in which
it has a retained 50% interest. In June 2010, the Group was awarded two new
blocks, the VMM28 in the Middle Magdalena basin and LLA57 in the Llanos basin.
PetroLatina also owns the Río Zulia-Ayacucho pipeline in the prolific Catatumbo
basin which transports crude oil. Present exploration/exploitation activities in
this area should increase the volume of crude oil transported resulting in an
increased cash flow. Having sold its assets in Guatemala, PetroLatina retains a
20% interest in the first three wells and a 20% working interest in future
wells. Further information is available on the Company's website
(www.petrolatinaenergy.com).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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