PA Resources Raises NOK 248.5 Million in Private Placement
PA Resources AB has raised NOK 248.5 million in a new share issue. New and existing shareholders participated in the private placement of 7,000,000 shares.
The Board of PA Resources AB has, based on its authorization from the extraordinary shareholder meeting of June 23rd 2005, completed a private placement of totally 7,000,000 shares in PA Resources AB.
The shares have been issued at a price of NOK 35,50 per share and have been subscribed by new and existing Nordic and international institutional and private investors. The transaction was heavily oversubscribed, with a total demand at 32,200,000 shares. The share issue has raised a total of NOK 248,5 million. Carnegie ASA and SEB Enskilda have been responsible for the placement.
The proceeds from the offering will be used to accelerate the drilling program in Tunisia during 2006.
Following this transaction the total number of shares in PA Resources AB will be 135,114,004.
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