PetroLatina (LON:PELE) is set to raise US$5m with a placing of 8.1m shares for up to 40p each, to Macquarie Bank - an existing shareholder and a lender to the company. The company said that the proceeds will be used to finance the group's ongoing work programme and fund exploration activities in Colombia.
Under the terms of the placing agreement Macquarie will subscribe for approximately 1.3m shares at 37.57p per share, as well as 6.8m shares at 40p each.
The placing shares represent approximately 9.16% of the company’s enlarged issued share capital, and they are expected to be admitted to the AIM market on Tuesday 10 August 2010.
On completion, Macquarie will hold 9.6m shares, representing approximately 10.84% of PetroLatina’s enlarged issued share capital. The investor also holds warrants over a further 8m shares – which are now excerisable at 50p per share.
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