26 Oct 2011 10:34
NIGHTHAWK ENERGY PLC
("Nighthawk" or "the Company")
Placing
Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces that it has raised approximately £1.97 million through the placing of 78,892,000 new ordinary shares of 0.25 pence each at 2.5 pence per share (the "Placing Shares") ("Placing").
The Placing is being carried out under the existing power granted by shareholders to the directors of the Company at the 2010 annual general meeting.
The Placing Shares have been issued and allotted conditional only on admission to trading on AIM which is expected to occur on 31 October 2011. Following the Placing, there will be 456,995,080 ordinary shares of 0.25p each in issue.
The Placing Shares have been subscribed as to 19,723,000 shares by Bronsstädet AB, which is wholly owned by Mr Peter Gyllenhammar, as to 29,584,500 shares by Claesson & Anderzen AB and to 29,584,500 shares by Johan Claesson. On completion of the Placing, Mr. Gyllenhammar will be interested in 42,767,857 ordinary shares, representing 9.36% of the Company's share capital and Mr. Claesson, through his own holding and that of Claesson & Anderzen AB, will be interested in 63,665,297 ordinary shares representing 13.93% of the Company's share capital.
The funds raised will be used to meet ongoing costs and to push ahead with the first steps in a new work programme, which will initially comprise undertaking further improvements to existing wells. Nighthawk may have sole responsibility for the costs of the work on the existing wells, which are anticipated to be approximately US$400,000, and will have a 50% working interest in the oil produced.
The Company expects to make further announcements on the work programme in due course together with details of the previously indicated open offer to all shareholders.
Steve Gutteridge, Chairman of Nighthawk, commented:
"We welcome the strong support we have received from investors in this placing. It represents an initial and welcome step towards rebuilding value for Nighthawk shareholders."
- Ends -
Enquiries:
Nighthawk Energy plc Steve Gutteridge, Chairman Tim Heeley, Chief Executive Richard Swindells, Chief Finance Officer
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020 3405 1982
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Westhouse Securities Limited Tim Feather Matthew Johnson | 020 7601 6100 tim.feather@westhousesecurities.com matthew.johnson@westhousesecurities.com |
FTI Consulting Ben Brewerton Ed Westropp | 020 7831 3113 ben.brewerton@fticonsulting.com edward.westropp@fticonsulting.com
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