Swala Oil & Gas (Tanzania) has announced that the Stock Exchange of Mauritius has approved the Company’s Listing Prospectus, allowing the listing of the Company’s US$50 million Corporate Bonds on the SEM with Greenshoe Rights. The Company first announced the move to Mauritius on the 2nd of July 2018. The Company and its advisors will now proceed to finalising the financing for the second and third tranches of the transaction with Orca Exploration Group Inc.
The Company’s shares remain suspended on the Dar es Salaam Stock Exchange pursuant to its announcement of the 27th July 2018.
Dr. David Mestres Ridge (Swala CEO) said: “We are pleased to have concluded the listing process on a stock exchange such as that of Mauritius and will now start placing the bonds with sophisticated investors and Company shareholders with whom we have engaged constantly over the past months. We aim to complete the placing over the next weeks, reflecting the interest that this first Tanzanian oil and gas industry bond has awakened in Tanzania and elsewhere.”
Last month Swala told shareholders that it would not extend the deadline to complete the previously announced investment by Swala in PAE PanAfrican Energy Corporation, a subsidiary of Orca Exploration Group Inc. of up to US$130 million in consideration of the uncertainty in the timing of the regulatory approval of Swala’s prospectus and listing application in Mauritius. Orca Exploration did however indefinitely extend the timing for the closing of Tranche 2 and 3