This latest placement will raise an additional amount of $2,923,732 for Hardman, while the shares to be allotted in this placement will not participate in the company’s non-renounceable entitlement issue which is currently underway.
The two companies are involved in the significant Mauritania Joint Venture with Woodside acting as operator. In December, all the Mauritanian partners received a pro-rata equity increase when they pre-empted ENI-Agip's deal to sell its 35% stake in the permits, which was agreed prior to the Tiof discovery and the Chinguetti appraisal drilling.
Hardman subsequently offloaded the 12.5% stake it bought off ENI-Agip for US$33 million to the BG Group, formerly British Gas, for US$132 million, and pocketed almost US$100m as a result.
The cash boost was welcome news for Hardman shareholders who had been concerned they would face further dilution by a large placement to raise the capital needed to fund the development of the Mauritanian discoveries.
