(Recasts, updates with details on acquisition)
LONDON (Thomson Financial) - Ragusa Capital said it plans to raise 6.5 mln
stg through a placing, and announced that its shares will resume trading on AIM
today, after it agreed to acquire certain utility assets and oil and gas
exploration interests in Argentina for an initial 72.5 mln usd.
The company, an investor in natural resources sector, said the initial
consideration comprises an issue of 64.89 mln shares and 12 mln vendor warrants
together with a cash payment of 2.4 mln usd.
Chairman Lance O'Neill said the acquisition provides significant assets and
provides it with a strong platform to build a significant energy company within
South America.
For the placing, Ragusa plans to issue 12 mln subscription shares at 10
pence each and 12 mln subscriber warrants at 54 pence per subscription share
plus subscription warrant.
On re-admission Ragusa will be renamed Andes Energia and will have a market
capitalisation of about 54.5 mln stg at the placing price of 54 pence.
The re-admission of the new shares is expected to take place on Oct 2.
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