Samson Oil & Gas Announces Currency Exchange Rate for American Depositary Shares in Rights Offer
June 11 2013 - 8:00AM
Business Wire
The Directors of Samson Oil & Gas Limited (NYSE
MKT:SSN)(ASX:SSN ) advise that the final purchase price, in US
dollars, for holders of American Depositary Shares participating in
Samson’s non-renounceable rights issue was $0.4752 per ADS plus a
depositary fee of $0.005, for a total purchase price of US $0.4802.
As previously announced, the US dollar price was based on the
latest currency exchange rate reported by the Reserve Bank of
Australia on June 10th of US $0.9504 to AUS $1.00. Because the
final US dollar purchase price is $0.0898 lower than the $0.57
deposit paid in by ADS holders who elected to participate in the
rights offer, those participants will receive a refund of that
amount from the depositary for each right exercised.
For each ADS right, participants are receiving one (1) ADS and
eight (8) four year options to purchase Samson’s ordinary shares at
an exercise price of AUS $0.038 per ordinary share, which are
equivalent to four tenths (0.4) of a warrant to purchase one (1)
ADS. At the June 10th exchange rate, a full warrant consisting of
twenty (20) options to purchase ordinary shares, or one (1) ADS,
would have an exercise price of $0.722304 per ADS, plus a
depositary issuance fee.
Samson previously announced that it raised gross proceeds of AUS
$2.86 million from ordinary shareholders and ADS holders. Based on
the latest currency exchange rate, the total gross proceeds of the
rights offer from ordinary shareholders and ADS holders was
US$2,716,401.
The aggregate cash proceeds of the rights offer attributable to
rights exercised by holders of ADSs, which were payable to Samson
in US dollars as determined by the June 10th exchange rate, net of
the issuance fee to the depositary, were US $1,875,546.
About Samson Oil & Gas Limited
Samson’s Ordinary Shares are traded on the Australian Securities
Exchange under the symbol "SSN". Samson's American Depository
Shares (ADSs) are traded on the New York Stock Exchange MKT under
the symbol "SSN". Each ADS represents 20 fully paid Ordinary Shares
of Samson. Samson has a total of 2,229 million ordinary shares
issued and outstanding, which would be the equivalent of 111
million ADSs. Accordingly, based on the NYSE MKT closing price of
US$0.46 per ADS on June 10th, 2013 the Company has a current market
capitalization of approximately US$51.3 million. Correspondingly,
based on the ASX closing price of A$0.024 on June 10th, 2013, the
Company has a current market capitalization of approximately A$53.5
million.
SAMSON OIL & GAS LIMITED
TERRY BARRManaging Director
Statements made in this press release that are not historical
facts may be forward looking statements, including but not limited
to statements using words like “may,” “believe,” “expect,”
“anticipate,” “should” or “will.”
Actual results may differ materially from those projected in any
forward-looking statement. There are a number of important factors
that could cause actual results to differ materially from those
anticipated or estimated by any forward looking information,
including uncertainties inherent in estimating the methods, timing
and results of exploration activities.
A description of the risks and uncertainties that are generally
attendant to Samson and its industry, as well as other factors that
could affect Samson’s financial results, are included in the
prospectus and prospectus supplement for Samson’s recently
concluded Rights Offering as well as in the Company's annual report
to the U.S. Securities and Exchange Commission on Form 10-K, which
are available at www.sec.gov/edgar/searchedgar/webusers.htm.
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