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Hopgood Ganim advises on Buccaneer placement

Hopgood Ganim advises on Buccaneer placement

An Australian law firm has advised Buccaneer Energy on its placement of 194 million ordinary shares to raise $13.5m from institutional and professional investors.

An Australian law firm has advised Buccaneer Energy on its placement of approximately 194 million ordinary shares to raise $13.5 million from institutional and professional investors. 

The equity raising involved the placement of approximately 97 million shortfall shares from the Share Purchase Plan (SPP) and an additional placement of approximately 97 million ordinary shares.

HopgoodGanim partner Nicole Radice and associate Emily Ackland advised Buccaneer Energy on the share purchase plan, which raised an additional $7,300,081, and the subsequent placement agreement which, combined with the share purchase plan will raise approximately $20 million for the company.

“We were pleased that our client was able to secure funding by way of this placement in the current market,” said Radice.

The SPP Shortfall and the additional placement were placed at an issue price of $0.095 and $0.045 per share respectively. Investors were required to subscribe for equal number of shares in the SPP Shortfall and the additional placement.  As such the blended price was $0.07 per share.

The equity raising will be applied towards the company’s current projects and working capital. The company said proceeds would be used for the drilling and completion of the Kenai Loop number two, which is schedules to commence this quarter, among other things. 

Helmsec Global Capital Limited acted as lead manager of the capital raising. 

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