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Sydney, Aug 8, 2012 (ABN Newswire) - On 18 July 2012 Buccaneer Energy Limited (
ASX:BCC) announced its intention to implement a Share Purchase Plan ("SPP") to eligible shareholders capped at $1,500,000 at an issue price of $0.041. The SPP is in addition to the issue of 292,682,927 shares in the Company to cornerstone investors and institutions at an issue price of $0.041 to raise a total of $12.0 million ("Placement").
The Placement will be completed in two tranches with Tranche 1 of 141,798,925 shares to raise $5,813,756 having already being completed under the Company's 15% capacity under ASX Listing Rule 7.1. Tranche 2 of the Placement of 150,884,002 shares to raise $6,186,244 will be completed subject to shareholder approval at a general meeting to be held on 10 September 2012.
The SPP will only be eligible to shareholders who had a registered address in either Australia or New Zealand on the Record Date.
The following is the SPP timetable:
Record Date(1): 17 July 2012
SPP Documents Despatched: 8 August 2012
Opening Date: 15 August 2012
Closing Date: 10 September 2012
General Meeting of Shareholders: 10 September 2012
Issue and allotment of shares under the SPP: 17 September 2012
Quotation of new shares under the SPP: 18 September 2012
(1) The Record Date is set by the ASX Listing Rules as the day prior to the announcement of the SPP.
As the pricing of the SPP is a discount of more than 20% of the market price of the Company's shares in the 5 days prior to the announcement of the SPP it is a ASX Listing Rule requirement to get shareholder approval of the issue of shares under the SPP.
If the SPP is oversubscribed the Company will determine an allocation policy when the SPP has closed.
The USA based directors of the Company are not eligible to participate in the SPP. It is the current intention of the eligible Australian based directors of the Company to participate in the SPP. However if the SPP is oversubscribed it is the intention of these eligible directors not to participate so as to allow a greater allocation to shareholders.
ASX:BCC) announced its intention to implement a Share Purchase Plan ("SPP") to eligible shareholders capped at $1,500,000 at an issue price of $0.041. The SPP is in addition to the issue of 292,682,927 shares in the Company to cornerstone investors and institutions at an issue price of $0.041 to raise a total of $12.0 million ("Placement").The Placement will be completed in two tranches with Tranche 1 of 141,798,925 shares to raise $5,813,756 having already being completed under the Company's 15% capacity under ASX Listing Rule 7.1. Tranche 2 of the Placement of 150,884,002 shares to raise $6,186,244 will be completed subject to shareholder approval at a general meeting to be held on 10 September 2012.
The SPP will only be eligible to shareholders who had a registered address in either Australia or New Zealand on the Record Date.
The following is the SPP timetable:
Record Date(1): 17 July 2012
SPP Documents Despatched: 8 August 2012
Opening Date: 15 August 2012
Closing Date: 10 September 2012
General Meeting of Shareholders: 10 September 2012
Issue and allotment of shares under the SPP: 17 September 2012
Quotation of new shares under the SPP: 18 September 2012
(1) The Record Date is set by the ASX Listing Rules as the day prior to the announcement of the SPP.
As the pricing of the SPP is a discount of more than 20% of the market price of the Company's shares in the 5 days prior to the announcement of the SPP it is a ASX Listing Rule requirement to get shareholder approval of the issue of shares under the SPP.
If the SPP is oversubscribed the Company will determine an allocation policy when the SPP has closed.
The USA based directors of the Company are not eligible to participate in the SPP. It is the current intention of the eligible Australian based directors of the Company to participate in the SPP. However if the SPP is oversubscribed it is the intention of these eligible directors not to participate so as to allow a greater allocation to shareholders.
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About Buccaneer Energy Limited
Buccaneer Energy Limited (ASX:BCC) is an Australian listed company focused on onshore and shallow waters of the Cook Inlet of Alaska and the Gulf of Mexico, as well as onshore Gulf Coast assets that have been left behind or overlooked by other players.
The Company has a large existing portfolio and disciplined acquisition strategy focused on opportunities with:
- Assets with attractive economics;
- Assets that have existing infrastructure in place that can be accessed;
- Assets near a commercial market that has been de-risked; and
- Assets that have multiple stacked pay targets.
Buccaneer's management team has a proven track record of finding and exploiting oil and gas reserves and generating new opportunity deal flow.
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