West Siberian raises USD 170 million at SEK 3.90 per share
Not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States, Canada, Australia or Japan.
West Siberian Resources Ltd. (the “Company”) has agreed to raise approximately USD 170 million (SEK 1,006 million) through a private placement of 258 million new common shares issued as SDRs. The SDRs were placed with qualified investors at a subscription price of SEK 3.90 per share.
In the private placement, 258 million shares were subscribed, equal to approximately 8.0% of the Company’s outstanding shares, post issue. The total number of outstanding shares/SDRs in the Company will increase to 3,230,568,280 with a total share capital of USD 161,528,414, following the private placement. The SDRs were placed with qualified investors at a subscription price of SEK 3.90 per SDR.
In total, the private placement will raise gross proceeds of approximately USD 170 million. The proceeds from the private placement, together with operational cash flow and additional debt capital, will be used to finance the reconstruction of the Khabarovsk Refinery, to finance the Company’s upstream capital expenditure programme and for general corporate purposes.
”In the coming years, we aim to invest to increase crude oil production considerably and upgrade the Khabarovsk refinery to significantly improve refining margins. Now that we have agreed to raise USD 170 million in equity capital, we are well positioned to proceed with our investments plans”, said Maxim Barski, Managing Director of West Siberian Resources.
Morgan Stanley and Carnegie acted as joint bookrunners in connection with the offering.
For further information:
Maxim Barski, Managing Director, West Siberian Resources Ltd., tel. +7 495 956 48 82
Eric Forss, Chairman, West Siberian Resources Ltd., tel. +46 8 613 00 85
Please also visit www.westsiberian.com
This announcement is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above together being referred to as “relevant persons”). The SDRs are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
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