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Centurion Closes Short Form 'Bought Deal' Prospectus Financing

Source: www.oilegypt.com 1/30/2005, Location: Africa

CALGARY, ALBERTA - Centurion Energy International Inc. announced today that it has successfully completed a short form "bought deal" prospectus offering of 2,975,000 common shares from treasury at an issue price of $13.25 per common share for gross proceeds to the Corporation, before expenses and underwriters' fees of $39,418,750. In addition, certain insiders of the Corporation have sold an additional 775,000 common shares under the short form prospectus at the same offering price of $13.25 for gross proceeds before expenses and underwriters' fees of $10,268,750. The total size of the short form prospectus offering was 3,750,000 common shares at $13.25 per common share for aggregate gross proceeds of $49,687,500. The Offering was lead by GMP Securities Ltd., and included Orion Securities Inc., FirstEnergy Capital Corp., Jennings Capital Inc., Maison Placements Canada Inc. and Octagon Capital Corporation. The financing was conducted in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec. In addition, the financing was conducted on a private placement basis to certain accredited institutional investors and qualified institutional buyers in the United States.

Centurion intends to use the proceeds from the financing to expand its 2005 drilling program on the El Wastani and South Manzala production leases, to carry out a new 3D seismic program and to fund two exploration wells on the West Manzala and West Quantara exploration blocks in Egypt, to fund geological studies on Block 2 Ganope in Egypt, to cover costs of participating in bid rounds in Libya and Sao Tome and Principe and for general corporate purposes.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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