Sea Dragon Energy and the syndicate of underwriters have agreed to increase the size of the Offering to an aggregate of 142,500,000 common shares at a price of $0.40 per common shares for gross proceeds to Sea Dragon of approximately $57 million.
Proceeds of the Offering will be used by Sea Dragon to pay the balance of the consideration of approximately US $35 million due to Dana Gas Egypt in connection with Sea Dragon's recent acquisition of a fifty (50%) percent participating interesting the Kom Ombo (Block-2) Concession located approximately 1,000 kilometers south of Cairo in the West Bank of the Nile River, to pay its share of past and future exploration and development costs on the Kom Ombo Concession and for general working capital.
The Offering will be an underwritten public issue in all provinces of Canada, excluding Quebec, by way of a short form prospectus. The Offering will also be extended to Qualified Institutional Buyers in the United States pursuant to the registration exemptions provided by Rule 144A and/or Regulation D of the Securities Act of 1933, as amended, and internationally as permitted. Closing is expected to occur on or about April 19, 2010 and is subject to certain conditions, including but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
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