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Fieldfisher has advised the London-based broker Mirabaud Securities LLP on a US$ 100 million fundraising for the African focused oil and gas exploration and production company Lekoil Limited.
Mirabaud Securities acted as sole bookrunner on what is one of the largest fundraisings on AIM this year, raising approximately US$ 100 million (£62 million) for Lekoil through the placing of, in aggregate, 113,282,000 new ordinary shares at a placing price of 55 pence per ordinary share.
The deal is expected to be transformational for Lekoil, with the net proceeds of approximately £60 million earmarked to fund the completion of drilling and testing of its successful well on the OPL 310 licence offshore Nigeria, the future development of the OML113 licence offshore Nigeria, which contains the Aje Field, as well as for general corporate and working capital purposes, including the full repayment of the loan facility Lekoil entered into with Afren.
Fieldfisher's corporate finance partner Anthony Brockbank advised Mirabaud Securities.
Anthony said: "Following its successful IPO on AIM in May this year raising US$ 50 million Lekoil has now raised further funds of US$ 20 million in July and US$ 100 million primarily to finance its successful drilling on its OPL 310 Licence. Fieldfisher has advised Mirabaud on all three of these fundraisings."