PA Resources Raises Funds in Directed New Share Issue

PA Resources AB raises SEK 291.5 million in a directed new share issue of 11 million shares.

The Board of PA Resources AB has, based on its authorization from the Annual General Shareholders meeting held on May 13th 2009, completed a directed new share issue of totally 11,000,000 shares in PA Resources AB. The shares have been issued at a price of SEK 26.50 per share.

The transaction was carried out after the closing of the Oslo Stock Exchange and NASDAQ OMX Nordic Exchange on 15th June 2009. The share issue was directed to institutional investors in Sweden and Norway. The issue has raised a total of SEK 291.5 million before issuing costs.

The proceeds from the offering will be used for continued development of PA Resources' assets by advancing development of new fields and exploration drillings.

"This money will primarily be used for the development of the Aseng field (formerly Benita) in Equatorial Guinea which is likely to start already this summer, as well as advanced exploration drillings in the Republic of Congo. We see good potential for value growth for our shareholders with these investments. At the same time we continue the development of our producing assets by starting a new production well on the Didon field in Tunisia as we announced last week," said Ulrik Jansson, President and CEO at PA Resources AB.

Following this transaction the total number of outstanding shares in PA Resources AB will be 156,514,004.

Carnegie Investment Bank AB has acted as financial advisor in the transaction.


Our Privacy Pledge

Most Popular Articles

Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
Updated in last 24 hours