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Peninsula Energy (ASX:PEN) announced it had received $16.8 million in placement funds from Resource Capital Fund, with the fund taking a 19.63 percent interest in Peninsula.
Peninsula Energy (ASX:PEN) announced it had received $16.8 million in placement funds from Resource Capital Fund, with the fund taking a 19.63 percent interest in Peninsula.
According to the press release, the placement is integral to the $69.4 million fully underwritten institutional funding solution for the Lance Projects which is comprised of:
- A $16.8 million placement to RCF VI at $0.02 per share with 1:2 free attached option (31 Dec. 2018; $0.05 strike).
- An Entitlement Offer to all Shareholders of $52.6 million at $0.02 per share with 1:2 free attached option (31 Dec. 2018; $0.05 strike) underwritten to $34.8 million inclusive of:
- $23.9 million Accelerated Entitlement Offer comprised of binding commitments from RCF VI, Pala investments Ltd (Pala), BlackRock funds and JP Morgan AM UK Ltd and sub-underwriting commitments from RCF VI and Pala.
- An additional $10.9 million sub-underwriting of the Entitlement Offer by RCF VI and Pala Investments.
- RCF VI and Pala have provided a further $17.8 million Stand-By Debt Facility guaranteeing the non-institutional shareholder Entitlement Offer.
Gus Simpson, executive chairman, said:
We are pleased to welcome Resource Capital Fund VI L.P. as a cornerstone shareholder of Peninsula. By working with RCF VI and existing major shareholders Pala Investments, BlackRock funds and JP Morgan AM UK Ltd, the Company has fully secured the funding to ensure commencement of production at the Lance Projects in 2015.
Click here to read the Peninsula Energy Ltd. (ASX:PEN) press release