By Michael Susin
Jadestone Energy PLC said Tuesday that it intends to raise at least $85 million through a placing, subscription and open offer, in order to strengthen its balance sheet and protect the business from downside risks.
The oil-and-gas company with a focus on the Asia-Pacific region said this will consist of a $50 milion equity fundraise and a $35 million facility provided by its largest shareholder Tyrus Capital.
The company said it will conduct a share placing through an accelerated bookbuild and a subscription of new shares by certain directors and other parties, along with an open offer of up to 8 million euros ($8.6 million).
Jadestone added that the financing seeks to provide balance sheet resilience and financial flexibility as it expects to deliver significant near-term production growth.
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