Camac Energy to buy Nigeria interests, announces $270M equity investment

|By:, SA News Editor

Camac Energy (CAK -2%) agrees to acquire the remaining economic interests it does not currently own in the production sharing contract covering oil leases offshore Nigeria from Allied Energy.

CAK will issue 497.5M shares, pay $170M in cash and issue a $50M convertible subordinated note.

To fund the cash portion of the deal, CAK plans a $270M equity investment through a private placement of ~376.8M common shares, representing ~30% ownership interest in the company.