JOHANNESBURG (miningweekly.com) – US onshore oil and gas producer Sundance Energy has raised A$80-million through a two-tranche placement of 615.4-million shares.
The ASX-listed company, which has assets in the Greater Andarko basin and South Texas Gulf Coast basin in North America, said the proceeds of the raising would be used to accelerate development and make bolt-on acquisitions.
The placement was priced at A$0.13 a share, which was a 21.2% discount to Sundance’s closing price on May 27 of A$0.165 a share and a 20.9% discount to the volume-weighted average price for the five trading days up to May 27.
Sundance also announced a share purchase plan (SPP) to eligible shareholders in Australia and New Zealand. The SPP, for up to A$15 000 a shareholder, would be capped at A$10-million. The SPP would be priced at A$0.13 a share and would be subject to shareholder approval.
Mining Weekly Online incorrectly reported on Wednesday that Sundance Resources, which is developing an iron-ore project in Africa, had completed the raising.