Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/financial/money/eland-oil-gas-announces-exercise-of-options-to-rai.shtmlEland Oil & Gas announces exercise of options to raise £14m
Eland Oil & Gas PLC has exercised the remaining balance of options under both the Solstice Option Agreement
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Eland Oil & Gas PLC has exercised the remaining balance of options under both the Solstice Option Agreement and the Helios Option Agreement, raising a total of £14.0 million at 100 pence per share. The proceeds of the exercised options will be used by the Company for general working capital and corporate purposes.
Pursuant to the Solstice Option Agreement, Solstice International Investments Inc. (Solstice) is required to subscribe for 7,000,000 ordinary shares in the Company (Ordinary Shares) at a subscription price of 100 pence per option as per the terms of the Solstice Option Agreement (together the "New Ordinary Shares"). The New Ordinary Shares will rank pari passu in all respects with the existing ordinary shares.
