RNS Number : 9592Z
Quorum Oil and Gas Tech. Fund Ld
28 July 2008
Not for release, publication or distribution in, or into, the United States, Canada, Australia or Japan.
28 July 2008
Quorum Oil and Gas Technology Fund Limited
('Q-OGT', 'the Fund' or 'the Company')
Re: Result of Placing
The Board of Quorum Oil and Gas Technology Fund Limited (the 'Company') is pleased to announce that the Placing raised an aggregate of US$19.3 million. As previously announced, the Placing Price of Shares was US$10.35. The net proceeds of the Placing are US$18.8 million.
1,864,406 Shares have been allotted under the Placing and 851,571 Warrants have been allotted pursuant to the Bonus Issue, in each case conditional on admission to the Official List and commencement of dealings in the Shares and the Warrants on the London Stock Exchange, which it is expected will take place at 8.00 a.m. on 28 July 2008.
Following the implementation of the Placing, the Company will have 6,122,471 Shares and 851,571 Warrants in issue, and will have net assets of US$60.45 million.
Terms used and not defined in this announcement will bear the meanings given to them in the Prospectus dated 23 July 2008.
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Notes to editors:
Quorum Oil and Gas Technology Fund Limited ('Q-OGT') is a registered closed-ended investment company incorporated in Guernsey to provide expansion capital to companies which own and/or are developing proven proprietary technology which may have a potentially significant effect on the oil and gas industry. The Fund is managed by the Quorum Group, a 21 year old strategic sector private equity firm, headquartered in North America, which also has a subsidiary and office in London, Quorum European Partners LLP. Q-OGT was admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange on 7 January 2008. Its stock market EPIC is QOGT.L. Further information can be found at www.q-ogtfund.com
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