The funds will be used primarily to develop the Company's existing gas assets in Tanzania and to pursue new options for growth. In 2005, the Company will reprocess 400 kilometers of existing seismic and is likely to undertake a minimum $2.1 million seismic program over the Songo Songo field and adjacent exploration acreage.
Under the terms of the rights issue
The subscription price of Cdn$ 2.60 represented a 15% discount to the closing price of the Class B Shares on November 19, 2004.
As at 17:00 hours on 4 March 2005, 2,052,542 Class B Shares had been subscribed for by the rights holders and 6,318,198 Class B Shares had been subscribed for in the Additional Subscription Privilege.
As a result of the rights issue, the Company will issue 2,113,744 Class B Shares including 61,202 Class B Shares under the Additional Subscription Privilege. This will increase the number of Class B Shares in issue to 21,499,988. The number of outstanding Class A Shares remains the same at 1,751,195.
EastCoast Energy Corporation Limited is a TSXV listed company focused on the production of Tanzanian natural gas and the sale of "Additional Gas" to markets in East Africa. The Company was spun out from PanOcean Energy Corporation and began trading on the TSXV as a separate public company on 31 August 2004 under the trading symbols ECE.SV.B and ECE.MV.A. The company is headquartered in Tortola, British Virgin Islands and maintains its operations offices in Dar es Salaam, Tanzania.
Most Popular Articles