Nordic Business Report-October 12, 2006-Artumas Group Inc announces private placement
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The Canadian-based energy production company Artumas Group Inc, listed on the Oslo Stock Exchange in Norway, announced on Wednesday (11 October) that it plans a private placement of up to 3m shares.
Artumas said that it plans to issue 2.8m new shares and 1.2m existing shares, representing a total of 16% of the share capital. The share issue will be directed toward Norwegian and international investors, and will be carried out through a book-building process closing on or before 08:30 CET on 12 October.
Artumas has retained ABG Sundal Collier Norge ASA as lead manager and First Securities ASA as co-lead manager.
The proceeds from the share issue will be used to finance an ongoing drilling programme on the Mnazi Bay concession in Tanzania, exploration in the Rovuma on-shore block in Mozambique and assessment of commercial gas opportunities, Artumas said.
Artumas Group, headquartered in Calgary in Canada, focuses on capitalising hydrocarbon reserves in the Rovuma Delta Basin in Tanzania and Mozambique. The company's common shares are traded on the Oslo Bors stock exchange in Norway under the symbol AGI.
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