Rights Issue Shortfall Fully Subscribed - $35.0 M Raised
Sydney, July 10, 2013 AEST (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) is pleased to advise that it has agreed to issue the final 167,644,462 shares of the rights issue shortfall to domestic and international institutions to raise $6,705,778 at $0.04.
As part of the above issue the following directors of the Company have agreed to subscribe for shares subject to shareholder approval:
Mr Nicholas Davies 8,750,000 $350,000
Mr Clint Adams 8,750,000 $350,000
Mr Shaun Scott 2,500,000 $100,000
The above is in addition to the Subscription Agreement already executed with Mr Dean Gallegos for 6,000,000 shares to raise $240,000.
Pursuant to the Subscription Agreement dated 28 June 2013 with Meridian Capital International Fund ("Meridian"), Meridian will now be allocated an additional 41,940,638 shares at $0.04 per share to raise an additional $1,677,625 so that Meridian maintains its 19.99% interest in the Company.
The above transactions take the total raised from the placement of the rights issue shortfall to $35,410,404, with all shares being issued at $0.04 per share. The strong institutional support for the issue underlines the strength of the Company's business plan which has been in development over the last three years.
Canaccord Genuity (Australia) Pty Ltd acted as lead manager and sole book runner to the issue.
Contact
Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com
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