Coastal Energy Co (TSX-V: CEN, AIM: CEO), an independent exploration and production company with assets in Southeast Asia, announces that it has entered into an agreement with a syndicate of underwriters under which they will purchase, on a bought deal basis, 5 million shares at CDN$3.20 each, raising CDN$16 million before expenses.
The company will also grant the underwriters an option to purchase an additional 750,000 shares exercisable at the same price for a period of 30 days from the closing date, raising an additional CDN$ 2.4 million if exercised in full.
Coastal Energy will use the new funds for general corporate purposes.