Allens advises Solimar on cross-border capital raising, Canadian listing
18 May 2011
Allens Arthur Robinson (Allens) is advising oil and gas production and exploration company, Solimar Energy Limited, on its $7 million equity raising and possible future listing on the Toronto Stock Exchange or the TSX Venture Exchange.
Australian-based Solimar, which holds 130,000 gross acres in California's highly oil-prone San Joaquin Basin, will use the capital raised to progress its acreage acquisition programs and further exploitation (through drilling and production testing) of its core projects.
The capital raising, which is subject to shareholder approval, involves the issue of more than 63 million securities in Solimar Energy to sophisticated and institutional investors in North America. Each security will consist of one share and one warrant.
Partner Paul Quinn and Senior Associate Mark Malinas led the Allens team on the transaction.
'Allens is pleased to be helping Solimar to tap into the North American capital markets and looks forward to assisting with the company's growth on an international scale,' Mr Malinas said.
| Allens legal team | Paul Quinn (Partner – Melbourne), Mark Malinas (Senior Associate – Melbourne) |
Ends
For further information, please contact:
- Susan CowenCommunications Coordinator,
Melbourne
Ph: +61 3 9613 8374
Susan.Cowen@allens.com.au
Notes for editors.
Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.