Mirach Energy: Announced the term sheet in relation to the proposed placement of 151.8m new ordinary shares, representing 19.8% of total no of issued shares at $0.15. This is approx. a 22% prem to its VWAP on 17 June…
Subscribers are Permanent Rich Energy (subscribing to 14.9%) – principally engaged in the business of energy exploration and production – and Mr. Wang Fuzhu (subscribing to 4.9%) – a substantial sh/h of China Mengniu…
Funds will be used to acquire and develop new production oil fields in SEA and for general working capital purposes. The proposed placement is still subject to negotiation. Stock currently trades at 2.2X P/B. Coy made a loss of US$260k last quarter and a loss of US$1.5m for FY10.
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