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Roxi Petroleum Plc Announces $40 Million Equity Investment


Tuesday, 8 Jan 2013 02:00am EST 

Roxi Petroleum Plc announced that it has entered into an agreement to raise $40 million from the issue of new Roxi shares. Mr. Kairat Alpamysovich Satylganov, a Kazakh investor, has agreed to subscribe for 355,165,716 new Roxi shares at a price of approximately 7p per share, being a significant premium to the closing share price of 2.125p per share as at January 07, 2013. The first $10 million will be paid on January 31, 2013, in exchange for the issue to Mr. Satylganov of 88,791,429 new Roxi shares, representing approximately 14.57% of Roxi's current issued ordinary share capital and 12.71% of Roxi's ordinary share capital as enlarged by such share issue. The remaining $30 million will be called down by Roxi's Board in exchange for a further 266,374,287 new Roxi shares, to fund work programme commitments at the Company's assets, principally at BNG, where the funding will allow Roxi to drill three deep wells and two shallow wells at BNG in 2013. Roxi will apply for the initial 88,791,429 subscription shares to be admitted to trading on AIM following the completion of the initial subscription and it is anticipated that trading in such shares will commence on February 06, 2012. The investment by Mr. Satylganov of the whole of the 355,165,716 ordinary shares under the subscription agreement would represent approximately 37.5% of Roxi's ordinary share capital as enlarged by such share issue (assuming no other share issuances are made). 

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