CAMAC Energy Announces Proposed Offering of Senior Secured Notes
Net Proceeds to Expedite Development of the Oyo Field Offshore Nigeria
CAMAC Energy Inc. (“CAMAC” or the “Company”) (NYSE MKT: CAK) announced that, subject to market conditions, it intends to offer up to $300 million in aggregate principal amount of senior notes (the “Offering”) due in 2018.
CAMAC anticipates using the net proceeds from the Offering to further develop the Oyo Field located offshore Nigeria in OML Block 120.
The senior notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
The senior notes are being offered and sold only to qualified institutional buyers (“QIBs”) under Rule 144A under the Securities Act and to non-U.S. persons outside the United States under Regulation S under the Securities Act. This notice is being issued in accordance with Rule 135c under the Securities Act.
Source: CAMAC Energy Inc.