This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Samson Oil & Gas Limited: Placement Of Rights Issue Shortfall

The Directors of Samson Oil & Gas Limited (“Samson” or the “Company”) advise that, further to the Company’s non-renounceable rights issue which closed on 31 May, 2013 (“Rights Issue”), Samson has placed with US and Australian investors Samson’s ordinary shares (“New Shares”) and options exercisable at A$0.038 each and expiring on 31 March 2017 (“New Options”) comprising a portion of the shortfall from the Rights Issue (“Shortfall Placement”).

The size of the placement was limited to 318,452,166 New Shares and 127,380,866 New Options, which will raise gross proceeds of approximately A$7.96 million, though demand from institutional investors exceeded that amount. Patersons Securities Limited acted as Corporate Adviser and Lead Manager to the Shortfall Placement and Carter Terry & Co acted as Placement Agent for the placement of Samson's American Depository Shares (“ADSs”) in the United States.

Samson is pleased to welcome a number of US and Australian institutional investors onto its share register as part of the Shortfall Placement.

US based investors will be issued ADSs rather than New Shares. The price of new ADSs was based on the A$:US$ exchange rate of 0.9216 on 19 August 2013, and was set at US$0.4608 per ADS (An ADS is represented by 20 Ordinary Shares).

Most of the ADSs and their associated New Options will be allotted today, having received cleared funds. New Shares and New Options will be issued in respect of applications received upon clearance of funds within the next seven days.

The proceeds from the Shortfall Placement, together with existing cash reserves (US$13.3 million at June 30th 2013) will be used to fund planned infill development drilling programs on Samson’s North Stockyard and Rainbow Projects.

NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA Coopers 1-14-15HBK well

The Frontier 24 rig has been mobilised and rigged up on the Tofte 2 pad, which will host the Coopers and Tooheys middle Bakken well bores.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs