Company plans to acquire another 25% interest in Jolly Ranch Project
By Devika Patel
Knoxville, Tenn., Dec. 29 - Nighthawk Energy plc said it raised about £10 million by selling unsecured convertible loan notes in a private placement with Johan Claesson, who will invest £8 million, and Peter Gyllenhammar, who will invest £2 million.
The 0% notes mature in three years and are convertible into shares at 2.5p per share. The conversion price is identical to the closing share price on Dec. 28.
The investors also will receive 100 million three-year warrants, which are each exercisable at 5p, a 100% premium to the Dec. 28 closing share price of 2.5p.
Proceeds will be used to acquire another 25% working interest in the Jolly Ranch Project and for working capital, in particular for the work program at the Jolly Ranch Project.
Nighthawk Energy is a Bristol, England-based company that produces, explores for and invests in hydrocarbons.
| Issuer: | Nighthawk Energy plc
|
| Issue: | Unsecured convertible loan notes
|
| Amount: | £10 million (approximate)
|
| Maturity: | Three years
|
| Coupon: | 0%
|
| Conversion price: | 2.5p
|
| Warrants: | 100 million warrants
|
| Warrant expiration: | Three years
|
| Warrant strike price: | 5p
|
| Investors: | Johan Claesson (for £8 million) and Peter Gyllenhammar (for £2 million)
|
| Settlement date: | Dec. 29
|
| Stock symbol: | London: HAWK
|
| Stock price: | 2.5p at close Dec. 29
|
| Market capitalization: | £11.42 million
|
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