Nordic Business Report-October 12, 2006-Artumas Group Inc raises NOK111m in over-subscribed offering
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The Oslo Stock Exchange-listed Canadian energy production company Artumas Group Inc said on Thursday (12 October) that it has raised NOK111m in an over-subscribed share offering directed to Norwegian and international investors.
Artumas Group issued 3m shares at NOK37 per share, which represents a 2.9% discount to the closing price on 11 October.
"Artumas is pleased with the successful closing of the offering, which is an important step to secure additional capital for the large scale development of the Mnazi Bay gas field in Tanzania as an important energy provider to the East African region. Artumas will further explore for oil potential in the Mnazi Bay license and is planning for exploration activities in the newly awarded license in Mozambique," said Stephen Mason, President and CEO of Artumas Group,
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.
One British pound (GBP) is worth approximately 12.48 Norwegian kroner (NOK).
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