Draw down of funds and issue of equity
November 11 2010 - 2:00AM
UK Regulatory
TIDMHAWK
RNS Number : 9912V
Nighthawk Energy plc
11 November 2010
11 November 2010
NIGHTHAWK ENERGY PLC
("Nighthawk" or "the Company")
Draw down of funds and issue of equity
Nighthawk, the US focused oil and gas development and production company (AIM:
HAWK and OTCQX: NHEGY), announces that it has raised net proceeds of GBP3.275
million by drawing down on its Equity Financing Facility ("EFF") with Darwin
Strategic Limited ("Darwin"), part of the Evolution Group. The EFF agreement
was arranged by Darwin and was announced by Nighthawk on 14 October 2010.
Under the terms of the EFF agreement the Company has allotted, conditional on
admission to trading on AIM, 28,463,600 new ordinary shares of 0.25p each to
Darwin (the "New Nighthawk Shares"). The New Nighthawk Shares have been issued
at a price of approximately 11.51p per share and rank pari passu in all respects
with the existing ordinary shares of 0.25p each in Nighthawk.
The proceeds from the draw down, which is the first undertaken by the Company
since the announcement of the EFF, will allow Nighthawk to continue the
development of the asset base. The funds will be used to meet ongoing
commitments and will focus on Jolly Ranch, the Company's lead project, with the
immediate operational focus being the completion and recompletion of a number of
wells that have already been drilled. The objective will be to obtain a better
understanding of the completion techniques required to deliver value at the
project.
Application will be made to the London Stock Exchange for the 28,463,600 New
Nighthawk Shares to be admitted to trading on AIM. It is expected that the
admission will become effective and that trading in the New Nighthawk Shares
will commence on 16 November 2010 ("Admission").
Following Admission, the Company's enlarged issued share capital will comprise
358,103,080 ordinary shares with voting rights. The Company does not hold any
shares in treasury. This figure of 358,103,080 ordinary shares may be used by
shareholders in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under the FSA's
Disclosure and Transparency Rules.
Tim Heeley, Chief Executive, Nighthawk Energy plc, said:
"We are pleased to announce the successful first draw down from our facility
with Darwin Strategic. The funds will be used to complete and recomplete some of
the existing wells on our Jolly Ranch project and for ongoing technical analysis
work.
"We are pleased to have Darwin as a strategic partner and look forward to a long
relationship with them. The Board continues to undertake the Strategic Review
and will deliver an update on this process in due course."
Enquiries:
+-------------------------------+-----------------------------------------+
| Nighthawk Energy plc | |
| Tim Heeley, Chief Executive | 020 7887 1454 |
| Mike Thomsen, Executive | +1 720 344 5154 |
| Chairman | |
+-------------------------------+-----------------------------------------+
| | |
+-------------------------------+-----------------------------------------+
| Westhouse Securities Limited | 020 7601 6100 |
| Tim Feather | tim.feather@westhousesecurities.com |
| Matthew Johnson | matthew.johnson@westhousesecurities.com |
+-------------------------------+-----------------------------------------+
| | |
+-------------------------------+-----------------------------------------+
| Matrix Corporate Capital LLP | 020 3206 7000 |
| Louis Castro | louis.castro@matrixgroup.co.uk |
| James Pope | james.pope@matrixgroup.co.uk |
+-------------------------------+-----------------------------------------+
| | |
+-------------------------------+-----------------------------------------+
| Darwin Strategic Limited | 020 3179 6173 |
| Paul Hennigan | paul.hennigan@darwin-strategic.com |
| Anand Sambasivan | anand.sambasivan@darwin-strategic.com |
| | |
+-------------------------------+-----------------------------------------+
| Financial Dynamics | 020 7831 3113 |
| Ben Brewerton | ben.brewerton@fd.com |
| Ed Westropp | edward.westropp@fd.com |
+-------------------------------+-----------------------------------------+
| | |
+-------------------------------+-----------------------------------------+
| Bishopsgate Communications | 020 7562 3395 |
| Limited | nick@bishopsgatecommunications.com |
| Nick Rome | |
+-------------------------------+-----------------------------------------+
About Darwin Strategic:
Darwin Strategic, a majority owned subsidiary of The Evolution Group, provides
funding solutions for UK listed PLCs, including Equity Financing Facilities.
Darwin Strategic has extensive experience in both corporate finance and
secondary market trading, and offers bespoke funding solutions for companies
beyond traditional debt and equity funding.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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