InterOil Corporation (NYSE:IOC) today released the pricing of its previously announced public offerings of notes and common shares, consisting of an aggregate US$61 million principal amount of 2.75% convertible senior notes due 2015 and 2,434,785 common shares at an issue price of US$75.00 per share. The underwriters have the right to exercise options to purchase up to an additional aggregate US$9 million principal amount of the notes and an additional 365,215 common shares at US$75.00 per share to cover over-allotments.
InterOil expects to receive pre-overallotment total combined net proceeds from the offerings of approximately US$231 million, after deducting the underwriting discounts, and standard offering expenses.
InterOil intends to use the net proceeds from this offering, including the net proceeds from any exercise of the over-allotment options, for the development and construction in Papua New Guinea of a proposed condensate stripping plant and related facilities and a liquefied natural gas plant and related facilities, exploration and development activities in Papua New Guinea, the repayment of the $25 million loan with Clarion Finanz AG, which matures in January 2011, and general corporate purposes.
InterOil Corporation is developing a vertically integrated energy business whose primary focus is Papua New Guinea and the surrounding region.
Hiru Corporation (PINK SHEETS:HIRU) subsidiary Jiangxi Shaungshi Pharmaceutical Co., Ltd (Shaungshi AHP) launched the Jiangxi Shaungshi Biological Medicines Institute.
Shuangshi AHP is currently researching several new veterinary drugs for development within the next two years. Shuangshi AHP launched this new institute to strengthen and speed up the research and development processes. The Institute will allow the company a better focus and concentration of its talent in bio-tech development and research. Shaungshi AHP has elected Li Rui to be director of the institute.
Hiru intends to continue its work in the development, production and marketing of both well-established and new veterinary drugs, and nutritional additives (amino acids, vitamins, trace elements, etc.) for the Chinese market.
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