PR Newswire
London, February 18
18 February 2015 TANGIERS PETROLEUM LIMITED Placement to Raise A$7 million Tangiers Petroleum Limited ("Tangiers" or the "Company", ASX:TPT, AIM TPET) is pleased to advise that further to its announcement on 16 February 2015 the Company has successfully completed the bookbuild for a placement to domestic and international institutional and sophisticated investors to raise approximately A$7 million ("Placement"). The Placement was strongly oversubscribed. The Placement of 691,319,339 shares was undertaken at A$0.01 per share. Placement participants will receive one free attaching option for every two Placement shares, with the options exercisable at A$0.02 each and expiring 1 March 2018. Tangiers will apply to the ASX for quotation of the Placement options. Full details of the Placement are set out in the prospectus that was lodged by Tangiers with the ASX on Monday 16 February 2015. Funds raised pursuant to the Placement will be utilised by Tangiers for completion of the acquisition of Project Icewine, progressing exploration at Project Icewine, and for working capital. Three directors of Tangiers, David Wall, Michael Evans and Stephen Staley participated in the Placement (with shareholder approval received for this at the Company's General Meeting on 12 February 2015) on exactly the same terms as all other investors. The changes in their interests in Tangiers' securities as a result of this is as below: Director Previous New securities Current interest interest issued Shares Options Shares Options Shares Options David Wall 9,916,666 - 4,250,000 1,416,667 14,166,666 1,416,667 Michael Evans 5,166,667 1,000,000 4,250,000 1,416,667 9,416,667 2,416,667 Stephen Staley 4,166,667 2,000,000 1,650,000 550,000 5,816,667 2,550,000 Further details of the above current interests (including direct and indirect holdings and full option details) will be released in subsequent ASX Appendix 3Y announcements shortly. Commenting on the success of the Placement, Tangiers Managing Director Dave Wall stated, "The strong support for the Placement speaks volumes to the quality of Project Icewine, and is a recognition of the outstanding upside potential that the project offers for investors. Project Icewine benefits from a unique combination of conventional and unconventional potential, along with generous rebates offered by the State of Alaska. We look forward to completing the acquisition of the Project with funds raised from this Placement as well as progressing exploration." "Planning and permitting for the drilling of our first well and acquisition of 3D seismic is already underway and we will be providing updates to the market on progress in the very near term. In addition to increasing operational activity over the coming months, the Company continues to progress strong early interest in Project Icewine from a number of potential funding partners and we hope to be able to provide news on that front later this year." "The Board of Tangiers welcomes our new shareholders, and we thank our existing shareholders for their ongoing support." Hartleys Limited acted as sole Lead Broker to the Offer. DJ Carmichael Pty Ltd and BBY Limited acted as Co-Managers to the Offer. Settlement of the Placement is scheduled to occur on 27 February 2015 in one tranche, with the shares and options issued pursuant to shareholder approval that was received by Tangiers on 12 February 2015, and pursuant to Tangiers' ASX Listing Rule 7.1 capacity. The Company has applied for the 691,319,339 new shares to be admitted to trading on both the ASX and AIM markets. Trading in the news shares on AIM is expected to commence on or around 2 March 2015. Please refer to the Company's separate announcement released today titled "Placement" for details of the Company's securities on issue following the above Placement. Yours faithfully Dave Wall Managing Director Tangiers Petroleum Ltd About Tangiers: Tangiers recently acquired an initial 87.5% working interest and operatorship in 99,360 acres onshore the prolific North Slope of Alaska ("Project Icewine"). The North Slope is the host for the 15 billion barrel Prudhoe Bay oilfield complex, the largest in North America. The Company, through its Joint Venture partner Burgundy Xploration, has identified two highly prospective play types that are likely to exist on the Project Icewine acreage - one conventional and one unconventional. In addition to the interpreted high prospectivity, the project is strategically located on a year-round operational access road and only 35 miles south of Pump Station 1 where Prudhoe Bay feeds into the TransAlaska Pipeline System. The Company plans to progress drilling and seismic in the near term to take advantage of the globally unique fiscal system in Alaska, which allows for up to 85% of CY2015 exploration expenditure to be rebated in cash. Figure 1: Project Icewine Location (please refer to the pdf version of this announcement available from the Company's website) Media and Investor Relations Australia Tangiers Petroleum Limited Level 2, 5 Ord Street West Perth WA 6005, Australia Ph: + 61 8 9485 0990 www.tangierspetroleum.com Hartleys Ltd As Corporate Advisor Mr Dale Bryan +61 8 9268 2829 United Kingdom RFC Ambrian Limited As Nominated Adviser Mr Oliver Morse / Ms Trinity McIntyre +61 8 9480 2500 As Corporate Broker Mr Charlie Cryer +44 20 3440 6800
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