Caspian Holdings Raises $3.3 Million in Private Placement

Caspian Holdings reports that it has raised approximately GBP 1.9 million (US$3.3 million) to finance and expand the drilling program as well as complete seismic work on the Zhegeldy Oil Field and for general working capital before expenses.

The company issued 7 million new ordinary shares of 0.1 pence (US$0.17) each at 27 pence (US$47) per share. The shares have been placed with Harbinger Capital Partners Master Fund I. They are due to be admitted to trading on AIM on or around March 27. The issue is at a premium to the closing price of March 20 and a 35-percent premium to the placement that the company made on February 10.

The Zhegeldy Oil Field is located in Kazakhstan.