20.5million shares @60cents a share, 7% premium to last trading price, JC has done well to raise at higher than market prices yet again.
This dilution was expected. And so is more, but looks to me like JC is holding out for the next 2-3 wells to raise at higher prices which better reflect the value of what AZZ is sitting on.
I hope for an initial lift to the share price as short term funding uncertainty is removed and holders await the results several critical wells being FD4-5 in the next 8 or so weeks.
ALLOTMENT OF NEW SHARES TO INTERNATIONAL FUNDS Antares Energy is proud to advise it has developed relationships with some of the highest calibre International Funds as a result of recent meetings held in New York.
Antares has completed an Institutional Placement to a number of the most sophisticated Institutional investors in the Eagle Ford shale, through the issue of 20,500,000 new shares at 60 cents to raise $12,300,000 for the further development of its Eagle Ford acreage. The issue price of 60 cents represents a 7% premium to yesterday's closing price of 56 cents.
Antares is very pleased to welcome such Institutions to the ranks of its Top Twenty Shareholders and looks forward to a long and prosperous relationship.
AZZ Price at posting:
56.0¢ Sentiment: Hold Disclosure: Held
