Leviathan partner Ratio Oil Exploration (1992) LP (TASE:RATI.L) is holding a lightning equity offering of up to NIS 50.5 million, even as government approval of the Tzemach Committee natural gas exports has been held up and the closing of the Woodside Petroleum Ltd. (ASX: WPL) deal to acquire 30% of Leviathan has been delayed.
In a notice to the TASE today, Ratio said that it is offering up to 150 million participation units and 100 million warrants. The warrants are an extension of current warrants, which expire on January 8, 2015.
Ratio is offering the securities in 200,000 units at NIS 2.5275 per unit, each of which includes 750 participation units at NIS 0.337 per unit (today's opening price), and 500 warrants at no cost. The effective price of the offering, weighted for the options, is NIS 0.28 per participation unit, 15% less than Ratio's opening price.
A source at Ratio said, "This offering will finance current operations, as approval of the procedures for exports are delayed. We hope that decision will soon be made to allow gas exports and the development of discoveries for the good of the economy."
Published by Globes [online], Israel business news - www.globes-online.com - on May 8, 2013
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