Secures Meridian Capital as Cornerstone Investor
Sydney, June 28, 2013 AEST (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) is very pleased to announce that it has executed a Subscription Agreement with Meridian Capital International Fund ("Meridian") an international institutional investor to acquire up to a 19.99% interest in the Company at $0.04 per share. The Subscription Agreement provides for the issue of an initial tranche of 386,300,000 ordinary fully paid shares from the rights issue shortfall raising $15,452,000. These shares have been issued today and an Appendix 3B in this regard is attached.
Meridian is a specialist investor in natural resources with a particular focus on oil and gas investments globally.
Meridian also has agreed to subscribe for up to an additional 99,740,638 fully paid shares to raise up to $3,989,625 from the rights issue shortfall, the allocation of this further tranche is subject to adjustment such that Meridian does not exceed 19.99% of the expanded capital base of the Company.
Meridian has the right to appoint a nominee director to the board while it and its affiliates hold 10.0% or more of the Company's shares.
The Company is now funded for its 12 month work program of up to 8 wells in both its onshore and offshore portfolio. The Company anticipates a continuous drilling program over the next 12 months which is anticipated to unlock substantial value for shareholders.
The Company's shares will remain in a trading halt until a further release is made in respect to the remaining rights issue shortfall.
Contact
Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com
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