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Kairiki Energy Ltd Announces Rights Issue


Monday, 18 Mar 2013 06:43pm EDT 

Kairiki Energy Ltd announced that it has resolved to conduct a renounceable rights issue to raise up to $12.1 million. The rights issue will offer shareholders nine new shares for every two shares held. A total of up to 12,097,637,267 shares may be issued at $0.001 each, raising up to $12,097,637 before costs (Rights Issue or Offer). The Rights Issue will be renounceable meaning that a rights trading facility will be available on the ASX. It is intended that the Rights Issue is to be partially underwritten to $9 million. The Company is in the process of finalising the terms and conditions of an underwriting agreement with Patersons Securities Limited. The Company’s convertible note holder, IMC Oil & Gas Investment Ltd, has indicated their intention to sub-underwrite the Rights Issue to an amount of $7.7 million. Proceeds from the Rights Issue will be applied towards: retiring the Company’s existing debt arising under the Convertible Note with IMC; provide additional working capital to fund the Company’s existing assets and for due diligence on possible acquisitions; and fund the costs of the Offer. 

Company Quote

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19 Dec 2014