Ramba: Announced that it has entered into an agreement for placement of approximately 43.6m shares to raise $22.8m. Placement price at $0.54/share represents a discount of 7.5% to weighted average price of $0.584 for trades done on 13th April. Placement shares will comprise approximately 39.8m new shares and 3.8m treasury shares and represent 18% of enlarged issued and paid-up shares capital of Co….
Proceeds will be used to provide working capital for exploration and devt of grp’s oil and gas business, which includes drilling and seismic activities. We note that total weighted average price following the enlarged capital should give a simple average of $0.57/share based on the weighted average price on 13th April.
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