Sintana Energy (LSE:SEI) has finalised its previously announced equity financing following the admission of newly issued shares to trading on both AIM and the TSX Venture Exchange. The company issued 38,001,253 new common shares through the dual-listed offering.
The placement was priced at 22.5 pence per share in London and C$0.41 per share in Toronto, generating gross proceeds of approximately US$11.5 million. Sintana also confirmed that it paid around C$0.9 million in finder’s fees linked to the transaction.
Management Participation and Strategic Funding
As part of the fundraising, chief executive Robert Bose and president Eytan Uliel each subscribed for US$250,000 worth of shares, acquiring 826,105 shares apiece. Their participation classified the transaction as a related-party deal under Canadian securities regulations, although the investment qualified for exemptions from formal valuation and minority shareholder approval requirements.
The shares were issued under a listed issuer financing exemption, meaning they are not subject to a Canadian hold period. The additional capital is expected to reinforce Sintana’s financial position as the company continues progressing its frontier oil and gas exploration interests across Namibia, Uruguay and other emerging exploration regions.
More about Sintana Energy
Sintana Energy Inc. is a Canadian-based oil and gas company focused on acquiring, exploring and potentially developing high-impact hydrocarbon assets in emerging frontier geographies. Its portfolio includes interests in eight licences across Namibia and Uruguay, with additional pending indirect interests in Namibia and Angola, as well as legacy positions in Colombia and The Bahamas, providing diversified exposure to multiple basins and regulatory regimes.
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