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Fieldfisher's equity capital markets team has advised WH Ireland in its capacity as NOMAD and joint broker, alongside Canaccord and Mirabaud in their capacities as joint brokers on a placing and subscription to raise approximately £29 million for AIM-quoted i3 Energy Plc.
i3 Energy Plc, an independent oil and gas explorer headquartered near Aberdeen, is undertaking the fundraising to fund its acquisition of Gain Energy Ltd’s petroleum and infrastructure assets in the Western Canada Sedimentary Basin (WCSB) (the Gain Acquisition). The Gain Acquisition constitutes a reverse takeover under the AIM Rules for Companies.
The fundraising is expected to raise around £29 million and i3 Energy Plc has received a further subscription commitment of approximately £1 million subject to regulatory approval.
In July, i3 Energy Plc agreed to buy all of Gain’s petroleum and infrastructure assets in the WCSB for CAD$80 million (US$58.8 million).
Since then, the Company has agreed (conditional only on completion of the Gain Acquisition) to sell the Saskatchewan portfolio of its soon-to-be-acquired assets to Harvard Resources for CAD$45 million (US$33 million).
The fundraising and the Gain Acquisition remain subject to approval by i3 Energy Plc's shareholders. Accordingly, a General Meeting has been convened by i3 Energy Plc for the 27 August 2020.
Fieldfisher corporate partner Anthony Brockbank, who specialises in fundraisings for UK-listed energy companies, led the Fieldfisher team on this deal.