Sterling Energy set to launch open offer to shareholders in December
18 November 2009
Sterling Energy, the oil and gas group with assets in the US and West Africa, is set to launch the second phase of a fundraising effort with an open offer for shares in early December.
In September, Sterling raised £62.5 million in a at 1.3p per share placing and said it planned to raise another £20.6 million in a 2 for 9 open offer to shareholders. The details of the open offer are still being finalised.
In October Sterling announced plans to sell its US assets for an initial fee of US$90 million. That deal is expected to be completed by early December and the open offer will be launched after that.
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