LAW firm Allens Arthur Robinson has advised Australian-based oil and gas production and exploration company Solimar Energy on its $7 million equity raising.
The company placed 63.6 million securities at 11 cents each to sophisticated and institutional investors, mainly from North America, to raise $7 million.
Allens also advised Solimar Energy its possible future listing on the Toronto Stock Exchange or the TSX Venture Exchange.
Solimar, which holds 130,000 gross acres in California's highly oil-prone San Joaquin Basin, will use the capital raised to progress its acreage acquisition programs and further exploitation (through drilling and production testing) of its core projects.
The capital raising, which is subject to shareholder approval, involves the issue of more than 63 million securities in Solimar Energy to sophisticated and institutional investors in North America. Each security will consist of one share and one warrant.
Allens partner Paul Quinn and senior associate Mark Malinas led the Allens team on the transaction.
"Allens is pleased to be helping Solimar to tap into the North American capital markets and looks forward to assisting with the company's growth on an international scale," Malinas said.