The Board of PA Resources AB has today decided to mandate Carnegie Investment Bank AB to launch a directed new share issue of up to 14.5 million new shares in PA Resources AB.
The decision to issue new shares will be taken by the Board of PA Resources AB after a book-building process. The Board's decision will be based on the Board's authorization from the Annual General Shareholders' meeting held on 13 May 2009.
The new share issue may comprise of a maximum of 14.5 million new shares and the issue price will be determined through a book-building process. If all the 14.5 million shares are subscribed for, the total number of outstanding shares in PA Resources AB will amount to 160,014,004 shares.
The proceeds from the offering will be used for continued development of PA Resources' assets by advancing development of new fields and exploration drillings.
"This money will primarily be used for the development of the Aseng field (formerly Benita) in Equatorial Guinea which is likely to start already this summer, as well as advanced exploration drillings in the Republic of Congo. We see good potential for value growth for our shareholders with these investments. At the same time we continue the development of our producing assets by starting a new production well on the Didon field in Tunisia as we announced last week," says Ulrik Jansson, President and CEO at PA Resources AB.