Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF, FRA:3ZX1, AIM:SEI) has conditionally raised US$11.5 million to back a busy exploration programme, including drilling on the Chevron-operated Nabba-1 well in Namibia’s PEL 90.
The fundraise was priced at 22.5p per new common share on AIM and C$0.41 on the TSX-V, with the company set to issue 38.0 million new shares. The AIM price represents a 13.5% discount to Sintana’s 26p closing mid-market price on 14 May.
The raise comprises a US$10.8 million placing of 35.6 million shares and a US$0.7 million subscription for 2.37 million shares by directors and qualified investors from Canada and Australia. Chief executive Robert Bose and president Eytan Uliel each subscribed for 826,105 shares, investing US$250,000 apiece.
Bose said the oversubscribed fundraise, together with existing cash and proceeds from the Exxon settlement in Colombia, gives Sintana additional capital for Nabba-1 and the cash portion of acquisitions covering interests in PEL 37 in Namibia’s Walvis Basin and KON-16 in Angola’s Kwanza Basin.