Company Website:
http://www.samsonoilandgas.com.au
DENVER & PERTH, Australia -- (Business Wire)
Samson Oil & Gas Limited (“Samson” or the “Company”) (ASX:SSN; NYSE
MKT:SSN) announced today that it has placed 65,000,000 ordinary shares
to investors in Australia and 11,255,541 American Depositary Shares
(ADSs) (representing 225,110,820 ordinary shares) to investors based in
the United States to raise gross proceeds of A$5,802,217 (US$5,439,578).
The placement was completed at $0.02 per ordinary share (approximately
US$0.375 per ADS), and includes options, or warrants, to purchase an
additional 3 shares for each 10 shares subscribed for, at an exercise
price of A$0.033 (approximately $0.61 per ADS). The options/warrants
will expire on 30 April 2018.
Conversion from Australian Dollars to US dollars is based on an exchange
rate on 11 April 2014 of $1.00 per US$0.9375 from the Reserve Bank of
Australia.
The placement was made pursuant to Section 708 of the Australian
Corporations Act and in accordance with Listing Rule 7.1 of the ASX
Listing Rules. Carter, Terry & Company acted as financial advisor and
placement agent for the placement of Samson’s ADS in the United States.
Patersons Securities Limited acted as corporate advisor and Lead Manager
in Australia.
The net proceeds from the placement will be used towards the planned
drilling and completion of the four Three Forks wells in our North
Stockyard project (Bootleg 5-14-15, Bootleg 5-14-16, Ironbark 5-14-13
and Ironbark 4-14-14) as well as for working capital. As a result,
together with further draw-downs on the Company’s reserves-based credit
facility from Mutual of Omaha (the borrowing base of which is expected
to be increased on account of corresponding increases in proved
reserves), the Company expects its current exploration and development
plans to be funded for the balance of 2014 and into 2015.
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 2,547 million ordinary shares issued and
outstanding (including 230 million options exercisable at AUD 3.8
cents), which would be the equivalent of 127.35 million ADSs.
Accordingly, based on the NYSE MKT closing price of US$0.46 per ADS on
March 17th, 2014 the Company has a current market capitalization of
approximately US$61.3 million (the options have been valued at an
exchange rate of 0.9054). Correspondingly, based on the ASX closing
price of A$0.026 for ordinary shares and a closing price of A$0.013 for
the 2017 options, on March 17th, 2014, the Company has a current market
capitalization of approximately A$69.2 million.
SAMSON OIL & GAS LIMITED
TERRY BARR
Managing 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 its recent Rights Offering as
well as the Company's report to the U.S. Securities and Exchange
Commission on Form 10-K, which are available at www.sec.gov/edgar/searchedgar/webusers.htm.
Contacts:
Samson Oil & Gas Limited
Terry Barr, CEO, 303-296-3994 (US
office)
US cell: 970-389-5047
Source: Samson Oil & Gas Limited
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