AIM-LISTED oil explorer Nighthawk yesterday announced that it has issued a £3.8m bond to finance the drilling and development of a new oilfield in the US.
The unsecured convertible loan notes carry a nine per cent coupon and are convertible at 5.5p per share. Parties connected to the company’s largest shareholder, Johan Claesson, have already agreed to subscribe for up to £2.64m of the offering.
“We expect to have three wells producing from the field by mid June and can now follow up that success by establishing the extent of Arikaree Creek to the south,” said chairman Stephen Gutteridge.
Westhouse Securities and Investec Bank acted as brokers and advisors to Nighthawk. Robert Finlay and Richard Baty led the team at Westhouse. Finlay is head of corporate finance and corporate broking, having joined Westhouse in 2012 from Canaccord Genuity. Baty is a director on the corporate finance team, joining in 2005 from Crowe Clark Whitehill. He has advised on a number of IPOs and secondary fundraisings.
Neil Elliot and Chris Sim led the Investec team and have recently advised Afferro Mining on the takeover offer from the International Mining & Infrastructure Corporation. FTI Consulting advised Nighthawk on public relations matters.