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GeoGlobal Resources Inc. Message Board

  • slipperydevils slipperydevils Sep 23, 2013 6:46 AM Flag

    Shemen Oil raises finance for Yam 3 production tests

    Shemen Oil raised NIS 23 million from investment institutions.

    22 September 13 11:46, Kobi Yeshayahou, Globes

    Shemen Oil and Gas Resources Ltd. (TASE: SOG) has raised financing for production tests at the Yam 3 well. It has signed agreements with several financial institutions, under which it will allot vested shares to them. The investors promised to invest NIS 23 million in the company at NIS 0.9231 per share, against the allotment of 25 million shares, which will be allotted in a private placement.

    The proceeds should be enough to complete Shemen Oil's share of the estimated budget for the production tests.

    The allotted shares will amount to 4.87% of Shemen Oil's share capital, fully diluted.