Sterling Energy Plc (SEY.L) stated its intention to undertake an open offer to raise around £20.6 million at the September placing price of 1.3 pence per ordinary share, which will give shareholders the opportunity to subscribe for 2 new ordinary shares for every 9 existing ordinary shares held at the record date of 8 September 2009.
The company plans to launch the open offer following the sale of its USA assets, announced on 20 October 2009. The sale is expected to complete in early December, and the company expects to close the open offer prior to the year end.
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