SINGAPORE (Yosefardi) – RH Petrogas Limited has entered into a placement agreement dated 2 October 2013 with UOB Kay Hian Private Limited as placement agent.
The company has agreed to issue up to 116,000,000 new ordinary shares in the capital of the company at a placement price of S$0.63 for each Placement Share, or S$73.08 million in total.
The company intends to allocate and utilize i) up to 90% of the Net Proceeds to fund the operating expenditure and capital expenditure in relation to exploration, development or production activities of Salawati Basin and Salawati Island; and (ii) the balance of the Net Proceeds for the working capital requirements of the Group.