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Samson Oil & Gas Limited Announces Share Placement and Share Purchase Plan to Raise up to A$8.4m
DENVER--(BUSINESS WIRE)--Samson Oil & Gas Limited (ASX: SSN) (NYSE AMEX: SSN) today announced that it has received binding commitments for a placement of 123,529,412 fully paid ordinary shares at a price of A$0.034 cents per share to raise A$4,200,000 before costs. Patersons Securities Limited (“Patersons”) acted as Lead Manager to the placement. The issue was heavily over subscribed during the book build process which was conducted during a trading halt in its ordinary shares on the Australian Securities Exchange and in its American Depositary Shares on the NYSE AMEX LLC.
Funds raised by the placement will be used to fund a drilling program on the Company's properties in the U.S. and to provide general working capital. The immediate Bakken drilling program will include three wells including the Gary #1-20H (SSN 37%) which is expected to spud on May 25th and will be followed by the Rodney #1-14H (SSN 26.3%) in August and the Earl #1-13H (SSN 31%) in September. In addition it is expected that the work over of the existing London Flats well and the drilling of the offset to that well will be undertaken in the next six months which will be the start of the evaluation of the company’s Niobrara acreage holding.
Preferred Bank (PFBC) Raptor Pharmaceuticals Corp. (RPTP) Eltek Ltd. (ELTK) Jackson Hewitt Tax Service Inc. (JTX) Blockbuster Inc. (BBI) Power-One Inc. (PWER)
Jackson Hewitt Tax Service Inc. (JTX) - Shares of Jackson Hewitt Tax Service Inc. exploded above It's 50 day moving average on Monday. I like this stock for a trade as long as it remains above $2.00.
Power-One Inc. (PWER) - Shares of Power-One Inc. continue to be one of the hottest stocks in May. Power-One Posts Strong First Quarter 2010 Results. Power-One Inc broke through $8.65 on Monday which leaves the next major resistance level at $9.00. Pullbacks below $8 are a strong buy.
Keryx Biopharmaceuticals Inc. (KERX) - Shares of Keryx Biopharmaceuticals Inc. are rallying in wake of the Dendreon news. Keryx Biopharmaceuticals Inc. has a colorectal cancer drug which was given fast track status by the FDA. KERX hit another new 52 week high on Monday.
Sirius XM Radio (SIRI) - Shares of Sirius XM Radio are starting to heat up again and are worth watching. As I have been saying, I think this stock can trade around $1.25-$1.30 during the next three weeks. We actually hit $1.25 on Monday.
Ambac Financial Group, Inc. (ABK) - Shares of Ambac Financial Group, Inc. broke down through $1.50 support on Monday and it got real ugly. Several firms say Ambac Financial Group is worthless. While they may be worthless, there are some great trading opportunities. Wait for it to break above It's high of the day.
Cell Therapeutics, Inc. (CTIC) - Shares of Cell Therapeutics, Inc. are now trading below the 10 day moving average located at $0.63. Right now, I'd be avoiding Cell Therapeutics until it breaks above $0.70.