Rockhopper finishes up strongly following placement at 180p

12th Oct 2011 16:48

Falklands oil exploration group Rockhopper has this afternoon announced the "successful completion" of its equity placing, comprised of 25.814m new ordinary shares at 180p each. The proceeds from the operation amount to £46.5m.The company´s entire issued share capital now rises to 284.2m ordinary shares of 1p.The entire Board of Directors has participated in the placing, led by David McManus, non-executive chairman, who until today held one of the smallest stakes in the outfit.Canaccord Genuity Limited and Merrill Lynch International acted as joint book-runners.Rockhopper chief executive Sam Moody indicated that, "We are pleased to have successfully concluded this fundraise in very challenging market conditions, and are encouraged by the strong support of our shareholders for the continued development of Sea Lion and our longer term operational strategy. "Shares of Rockhopper closed up by 10.8% today, at 212p. AB