NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE,
DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION IN WHICH
THE SAME WOULD BE PROHIBITED BY APPLICABLE LAW
26 April 2012
Borders & Southern Petroleum plc
("Borders & Southern" or the
"Company")
Placing of new Ordinary Shares at £0.84 to raise
£46.5 million
The Company is pleased to announce that is has
successfully placed 55,320,000 million new ordinary shares
(the "Placing Shares") at £0.84 per share with
institutional shareholders to raise £46,468,800 million
before expenses (the "Placing").
Reasons for the Placing and use of the
proceeds
These funds will be used to acquire additional 3D
seismic within the Company's existing acreage, to
enable further analysis of the results of the Darwin East
well and for general working capital purposes, including
further contingency funds for the upcoming exploration
well.
Details of the Placing
The Placing is conditional, inter alia, upon
admission of the Placing Shares to trading on the AIM
Market of the London Stock Exchange. Application has been
made for 21,428,000 shares (the "First Placing
Shares") to be admitted to AIM ("First
Admission"). It is expected that First Admission
will become effective and dealings in the First Placing
Shares will commence on AIM on 1 May 2012.
Application will be made for the balance of
33,892,000 shares (the "Second
Placing Shares") to be admitted to AIM
("Second Admission"). Second Admission will
follow the obtaining of shareholder authority at a general
meeting of the Company, the date of which will be advised
in a circular to shareholders shortly.
The First Placing Shares and Second Placing Shares
will, on First Admission and Second Admission respectively,
be credited as fully paid and rank pari passu in all
respects with existing Ordinary Shares, including the right
to receive all dividends and other distributions declared,
made or paid on the Ordinary Shares after that date.
Howard Obee, Chief Executive of Borders & Southern
said:
"We are delighted to announce the success of
this conditional fundraising. The proceeds of the Placing
will strengthen our already robust balance sheet and allow
Borders & Southern to complete additional work including
additional seismic and analysis to better understand the
recent drilling results."
For further information please visit www.bordersandsouthern.com
or contact:
|
Howard Obee, Chief Executive
Borders & Southern Petroleum plc
Tel: 020 7661 9348
|
|
Katherine Roe / Callum Stewart / Brett
Jacobs
Panmure Gordon (UK) Limited
Tel: 020 7459 3600
|
|
Simon Hudson / Paul Youens
Tavistock Communications
Tel: 020 7920 3150
|
Notes:
Borders & Southern Petroleum plc is an oil & gas
exploration company listed on the AIM Market of the London
Stock Exchange (BOR). The Company operates and has a 100%
interest in five Production Licences in the South Falkland
Basin covering an area of nearly 20,000 square kilometres.
The Company has acquired 2,862 km of 2D seismic, 1,492
square kilometres of 3D seismic and drilled one exploration
well.
Neither the Company's website nor the content of
any website accessible from hyperlinks on the Company's
website (or any other website) is (or is deemed to be)
incorporated into, or forms (or is deemed to form) part of,
this announcement.
This announcement does not constitute an offer to
underwrite, subscribe or otherwise acquire or dispose of
any new Ordinary Shares or other shares in Borders &
Southern.
The First Placing Shares and Second Placing Shares
(together the "Placing Shares") have not been,
and will not be, registered under the United States
Securities Act of 1933, as amended (the "Securities
Act"), or under the securities legislation of any
State of the United States. This announcement is not an
offer of securities for sale in the United States, and the
Placing Shares may not be offered or sold in the United
States absent the registration of the Placing Shares under
the Securities Act, or an exemption therefrom, or in a
transaction not subject to, the registration requirements
of the Securities Act. The relevant clearances have not
been, and will not be, obtained from the Securities
Commission of any province or territory of Canada; no
document in relation to the Placing has been, or will be,
lodged with, or registered by, the Australian Securities
and Investments Commission; no registration statement has
been, or will be, filed with the Japanese Ministry of
Finance in relation to the Placing. Accordingly, subject to
certain exceptions, the Ordinary Shares the subject of the
Placing may not, directly or indirectly, be offered or sold
within the United States, Canada, Australia, Japan or
offered or sold to a resident of the United States, Canada,
Australia or Japan.
This press release may contain forward-looking
statements with respect to Borders & Southern and its
operations, strategy, financial performance and condition.
These statements generally can be identified by use of
forward looking words such as "may",
"will", "expect", "estimate",
"anticipate", "intends",
"believe" or "continue" or the negative
thereof or similar variations. The actual results and
performance of Borders & Southern could differ materially
from those expressed or implied by such statements. Such
statements are qualified in their entirety by the inherent
risks and uncertainties surrounding future expectations,
including that the transactions contemplated herein are
completed. Important factors that could cause actual
results to differ materially from expectations include,
among other things, general economic and market factors,
competition and changes in government regulation. The
cautionary statements qualify all forward-looking
statements attributable to Borders & Southern and persons
acting on its behalf. Unless otherwise stated, all
forward-looking statements speak only as of the date of
this press release and the parties have no obligation to
update such statements.
Panmure Gordon (UK) Limited is authorised and
regulated in the United Kingdom by the Financial Services
Authority, is advising Borders & Southern and no-one else
in connection with the Placing and will not be responsible
to any person other than Borders & Southern for providing
the protections afforded to its clients or for advising any
other person in relation to the Placing.
Mirabaud Securities LLP is authorised
and regulated in the United Kingdom by the Financial
Services Authority, is advising Borders & Southern and
no-one else in connection with the Placing and will not be
responsible to any person other than Borders & Southern for
providing the protections afforded to its clients or for
advising any other person in relation to the
Placing.
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