Ithaca Energy Secures C$158M Financing To Fund Projects

8th Jul 2010 07:29

LONDON (Dow Jones)--North Sea-focused oil and gas company Ithaca Energy Inc. (IAE.V) Thursday said it has agreed C$158 million of financing which, along with its existing debt facility, will fully fund all of its current projects through to first production. The proceeds are planned to be used to speed up the development of its Greater Stella Area, which includes the Stella, Harrier and Hurricane discoveries, as well as for general corporate purposes. The financing is through a syndicate of underwriters which have agreed to buy on a "bought deal" basis 47.6 million shares at C$1.70 each for gross proceeds of C$81 million, and a private placing. Under the private placement, 45.1 million shares are being sold at a price of 107 pence per share for gross proceeds of around C$77 million. Ithaca said the bought deal offering and the private placement are expected to close concurrently on or around July 28. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; [email protected] (END) Dow Jones Newswires July 08, 2010 02:29 ET (06:29 GMT)