Pura Vida Energy NL announced that it has resolved to raise $7 million pursuant to the issue 12 million shares at 58 cents per share to institutional and sophisticated investors under its ASX Listing Rule 7.1 15% capacity.
Hartleys Limited and RBS Morgans were Joint Lead Managers in respect of the Placement. The Placement has received very strong interest from institutional investors as well as new and existing sophisticated investors and was several times overbid.
Funds raised pursuant to the Placement will be applied primarily towards work associated with progressing Pura Vida’s Nkembe Block (offshore Gabon) towards completion of a farmout, preparation for new 3D seismic planned to be acquired at Nkembe in 2014, and for general working capital.
The Placement, along with receipt of US$15 million at completion of the farmout of Pura Vida’s Mazagan Permit, offshore Morocco (which is expected to occur next month) puts Pura Vida in a very strong financial position ahead of multiple near-term catalysts.
Pura Vida Managing Director Damon Neaves said: “We are very pleased with the overwhelming interest received for this Placement and I wish to take this opportunity welcome our new investors and thank our existing shareholders for their continued support.”
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Press Release, September 06, 2013