West Siberian raises USD 170 million at SEK 3.90 per share
Not for release, publication or distribution, in whole or in part, directly or
indirectly, in or into the United States, Canada, Australia or Japan.
West Siberian Resources Ltd. (the “Company”) has agreed to raise approximately
USD 170 million (SEK 1,006 million) through a private placement of 258 million
new common shares issued as SDRs. The SDRs were placed with qualified investors
at a subscription price of SEK 3.90 per share.
In the private placement, 258 million shares were subscribed, equal to
approximately 8.0% of the Company's outstanding shares, post issue. The total
number of outstanding shares/SDRs in the Company will increase to 3,230,568,280
with a total share capital of USD 161,528,414, following the private placement.
The SDRs were placed with qualified investors at a subscription price of SEK
3.90 per SDR.
In total, the private placement will raise gross proceeds of approximately USD
170 million. The proceeds from the private placement, together with operational
cash flow and additional debt capital, will be used to finance the
reconstruction of the Khabarovsk Refinery, to finance the Company's upstream
capital expenditure programme and for general corporate purposes.
”In the coming years, we aim to invest to increase crude oil production
considerably and upgrade the Khabarovsk refinery to significantly improve
refining margins. Now that we have agreed to raise USD 170 million in equity
capital, we are well positioned to proceed with our investments plans”, said
Maxim Barski, Managing Director of West Siberian Resources.
Morgan Stanley and Carnegie acted as joint bookrunners in connection with the
offering.
For further information:
Maxim Barski, Managing Director, West Siberian Resources Ltd., tel. +7 495 956
48 82
Eric Forss, Chairman, West Siberian Resources Ltd., tel. +46 8 613 00 85
Please also visit www.westsiberian.com
This announcement is only being distributed to and is only directed at (i)
persons who are outside the United Kingdom or (ii) to investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth
companies, and other persons to whom it may lawfully be communicated, falling
within Article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and
(iii) above together being referred to as “relevant persons”). The SDRs are
only available to, and any invitation, offer or agreement to subscribe, purchase
or otherwise acquire such securities will be engaged in only with, relevant
persons. Any person who is not a relevant person should not act or rely on this
document or any of its contents.
In any EEA Member State that has implemented Directive 2003/71/EC (together with
any applicable implementing measures in any Member State, the “Prospectus
Directive”) this communication is only addressed to and is only directed at
qualified investors in that Member State within the meaning of the Prospectus
Directive.
This announcement is not for release, publication or distribution, directly or
indirectly, in or into the United States of America (including its territories
and possessions, any state of the United States and the District of Columbia).
This announcement is not an offer of securities for sale into the United States
or to U.S. persons (as defined in Rule 902 under the Securities Act). The
securities referred to herein have not been and will not be registered under the
U.S. Securities Act of 1933, as amended (“the Securities Act”), and may not be
offered or sold in the United States or to U.S. persons (as defined in Rule 902
under the Securities Act), except pursuant to an applicable exemption from
registration under the Securities Act. No public offering of securities is
being made in the United States and the information contained herein does not
constitute or form part of any offer or solicitation to purchase or subscribe
for securities in the United States.
West Siberian is a leading independent oil company with vertically integrated
operations in Russia and Kazakhstan. Following the merger with Alliance Oil
Company, West Siberian Resources has proved and probable oil reserves of 489
million barrels, a production of close to 45,000 barrels per day in the first
quarter of 2008, refining capacity of 70,000 barrels per day and a network of
255 gas stations and 24 wholesale oil terminals. West Siberian's depository
receipts are traded on the OMX Nordic Exchange Stockholm under the symbol WSIB.
