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Igepe, PIC, SacOil to explore investment possibilities in Mozambique
Igepe, PIC, SacOil to explore investment possibilities in Mozambique
IGEPE, the Mozambican state shares-management agency, has signed an expression of interest with South Africa’s Public Investment Corporation (PIC), together with SacOil, to explore various investment opportunities in Mozambique.
Read MoreMalawi Operations: SacOil conducts environmental screening for Block 1 oil prospecting
SacOil was awarded Block 1, located in the North-Western part of Malawi bordering Tanzania to the north and Zambia to the west, in December 2012. At 12, 265 square kilometers, Block 1 is the second largest petroleum exploration license demarcated in Malawi. SacOil has an exclusive 100% interest and operator status for this license.
Read MoreResults of the Rights Offer and Specific Issue of Shares
SacOil Shareholders are referred to the circular posted to Shareholders on 7 November 2013 (the “Circular”) containing details of the capital raising of up to R570 million by way of a renounceable rights offer and the conversion of the Gairloch debt to equity.
Capitalised terms in this announcement shall have the same meaning given to them in the Circular, unless the context indicates otherwise.
Read MoreDealing in Securities by a Director
In terms of paragraph 3.63 – 3.65 of the JSE Limited Listings Requirements, the following information, relating to the dealings in the securities by a director, is disclosed:
Ignatius Sehoole
Read MoreCircular to Shareholders
- a renounceable rights offer of up to 2 111 111 111 Rights Offer Shares at an issue price of R0.27 per Share in the ratio of 220.80013 Rights Offer Shares for every 100 SacOil Shares held at the close of business on Friday, 3 January 2014; and incorporating:
- a form of instruction in respect of a renounceable (nil paid) letter of allocation (to be completed by holders of Certificated Shares only).
Announcement regarding the Convertible Bridge Loan
The Directors of SacOil are pleased to announce, in accordance with Rule 13 of the AIM Rules, that the Company has entered into an agreement with the Public Investment Corporation (SOC) Limited (“the PIC”) dated 3 December 2013 in terms of which the PIC has agreed to advance funding to the Company in the form of a convertible bridge loan facility (the “Convertible Bridge Loan”) of US$20.5m to fulfil the Group’s financing obligations relating to its assets, in advance of the Specific Issue and the receipt of funds from the Rights Offer (“the Transactions”) (as detailed in the announcement dated 12 September 2013).
Read MoreDealing in Securities by a Director
In terms of paragraph 3.63 – 3.65 of the JSE Limited Listings Requirements, the following information, relating to the dealings in the securities by a director, is disclosed:
Steve Muller
Read MoreSacOil hopes to raise up to R570m through rights offer
SACOIL, the JSE- and AIM-listed independent upstream oil and gas company, on Friday received authorisation from shareholders to proceed with a rights offer and convert debt to equity.
The company said it intended to raise a maximum of R570m by way of a renounceable rights offer, following which it would convert debt totalling R238.5m in Nigeria-based infrastructure group Gairloch into equity.
Read MoreRights Offer Declaration and Finalisation Announcement
SacOil has received an undertaking from the PIC, the fund manager of the Government Employees Pension Fund, a 16.59% Shareholder of SacOil, in which the PIC has irrevocably agreed to support the Rights Offer up to a maximum amount of R329,211,713.
The Directors have made due and careful enquiry to confirm that the PIC is able to meet its obligations with regards to the PIC Undertaking.
Read MoreResults of General Meeting and Appointment of Directors
At the General Meeting, Mr Danladi Verheijen and Ms Lola Akinleye were appointed as non-executive Directors of the Company with effect from the Completion Date (as defined in Annexure 5 of the Circular), which is expected to be on or about Monday, 27 January 2014.
The following further information in relation to the appointments of Mr Verheijen and Ms Akinleye is disclosed in accordance with Schedule 2(g) of the AIM Rules for Companies:
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