Vantage Drilling (VTG) Announces $25.7M Private Placement
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Vantage Drilling Company (Amex: VTG) today announced that it has entered into definitive agreements with certain institutional investors and members of management with respect to the previously announced private placement. On June 5, 2009, Vantage sold 17,769,535 of its ordinary shares for gross proceeds of approximately $25.7 million.
The net proceeds received by Vantage in the private placement will be approximately $25.0 million. Vantage will use the net proceeds for working capital and general corporate purposes. Westlake Securities, L.L.C. acted as lead placement agent for this offering. Andrews Kurth LLP acted as legal counsel to Westlake Securities in connection with the placement.
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