Zerah Oil And Gas Explorations LP (TASE: ZRAH) controlling shareholder Ginko Oil Exploration Ltd. has published its final draft for raising NIS 34 million in an IPO on the Tel Aviv Stock Exchange (TASE). The public tender of the IPO will be held tomorrow.
Ginko plans to use proceeds from the offering to finance its oil and gas exploration, drill two onshore wells at Luba and Shahar, and to conduct seismic surveys at the offshore Gulliver license and onshore Orly license.
Ginko will issue 110,000 units at NIS 400 per unit. Each until consists of 4,000 shares at NIS 0.10 per share, and 10,000 warrants in three series at no cost. 1,000 warrants will be exercisable at one year at NIS 0.08 per share, 1,000 warrants will be exercisable at two years at NIS 0.13 per share, and 8,000 warrants will be exercisable after four years at NIS 0.25 per share.
If all the warrants are exercised, Ginko could raise an additional gross NIS 188 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 16, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010