Crown Energy raises 11 MSEK in directed share issue subject to approval from shareholders’ meeting
The Board of Directors of Crown Energy AB (publ) (”Crown Energy” or the ”Company”) yesterday resolved to issue a maximum of 5.5 million shares to a smaller group of investors. The rights issue provides Crown Energy with approximately 11 MSEK in issue proceeds before deduction of transaction costs. The resolution is subject to approval from a shareholders meeting on 21 January 2016. The issue proceeds will mainly be used for Crown Energy’s continued operations and development of existing and new projects.
On 29 December 2015, the Board of Directors has resolved to issue a maximum of 5.5 million shares subject to approval from a shareholders meeting on 25 January 2016. The subscription price amount to SEK 2 per share. The subscription price has been based on the volume weighted average price during the last 18 trading days. Compared to the volume weighted average price during this period, the subscription price reflects a discount of 19.4 percent and compared to the closing price on 28 December 2015, the subscription price reflects a discount of 24.5 percent. The Board of Directors deem the subscription price to be fair from a market perspective in view of the current market climate and other alternatives which have been considered from a timing and cost perspective. The rights issue provides Crown Energy with approximately 11 MSEK in issue proceeds before deduction of transaction costs. The shares have been subscribed for by a smaller group of investors. The issue proceeds will mainly be used for Crown Energy’s continued operations and development of existing and potential new projects.
The rights issue involves a dilution effect of 9 percent compared to the total number of shares following the rights issue. Following the rights issue, the number of shares of Crown Energy will increase with 5,500,000 from 55,547,373 to 61,047,373 and the share capital will increase with 159,500 SEK from 1,633,068.71 SEK to 1,792,568.71 SEK.
For Crown Energy AB
The Board of Directors
Crown Energy AB (publ) discloses above information pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was released for publication on December 30, 2015, 08:30 AM.
MORE INFORMATION
Please contact Andreas Forssell, CEO, Crown Energy AB
+46 8 400 207 20
+46 760 15 15 95
ABOUT CROWN ENERGY
Crown Energy is an international oil and gas company engaged in exploration in Africa and Middle East. Growth is created by developing assets in early stages and then maximising value by introducing appropriate industry partners in the development and production stages. For more information please visit www.crownenergy.se.