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Buccaneer Energy - Secures Cornerstone Investor - ASX Release

The Company is very pleased to announce that it has executed a Subscription Agreement with Meridian Capital International Fund (“Meridian”) an international institutional investor to acquire up to a 19.99% interest in the Company at $0.04 per share. The Subscription Agreement provides for the issue of an initial tranche of 386,300,000 ordinary fully paid shares from the rights issue shortfall raising $15,452,000. These shares have been issued today and an Appendix 3B in this regard is attached.

Meridian is a specialist investor in natural resources with a particular focus on oil and gas investments globally.

Meridian also has agreed to subscribe for up to an additional 99,740,638 fully paid shares to raise up to $3,989,625 from the rights issue shortfall, the allocation of this further tranche is subject to adjustment such that Meridian does not exceed 19.99% of the expanded capital base of the Company.

Meridian has the right to appoint a nominee director to the board while it and its affiliates hold 10.0% or more of the Company’s shares.

The Company is now funded for its 12 month work program of up to 8 wells in both its onshore and offshore portfolio. The Company anticipates a continuous drilling program over the next 12 months which is anticipated to unlock substantial value for shareholders.

The Company’s shares will remain in a trading halt until a further release is made in respect to the remaining rights issue shortfall.




Yours faithfully

BUCCANEER ENERGY LIMITED

Signature




Mr Dean Gallegos
Director

 

For further information please contact Dean Gallegos, Executive Director on 0416 220 007 or 02 9233 2520. Alternatively visit the Company’s website at www.buccenergy.com.
 

Click here to download Appendix B - New issue announcement, application for quotation of additional securities and agreement

 

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