Arawak takes stake in Roxi Petroleum (RXP) to over 21m shares

Roxi Petroleum made three announcements today.

The first indicated that 12,050,000 warrants with an exercise price of 10p had been exercised. This raises ~£1.2m in cash for the company at a price above the current mid-market price (according to advfn RXP closed today at a mid price of 8.75p).

The second and third indicated that Arawak Energy Limited (part of Vitol Group, now known as Altius Energy) now had a holding of 21,132,500 shares or just over 5% of the new issued share capital; this representing the sum of the ~9m warrants exercised on 3/11/09 and the ~12m warrants exercised today. Arawak still holds 32,867,500 10p warrants (although the exercise price rises to 15p/share after the end of March 2010). This combined total represents the 54m warrants Arawak procured as part of the Galaz funding deal announced in June 09 (18m came from their loan and 36m were sold to Arawak by Kuat Oraziman). Note that Arawak Energy are now owned by Vitol.

The interesting thing is that since the beginning of November a further 6.43m 10p options were exercised on 23 November. It is not clear presently where these options came from or who exercised them.