Southeast Asia-focused, Toronto-listed Mitra Energy Inc is set to raise about US$80 million in capital to help drive growth through acquisitions, according to a source familiar with the situation.
About US$40 million would be raised as a private placement and the rest in the form of a credit loan facility, the source said, declining to be named as the matter is private.
The source said funds leading the raise would include European hedge fund Tyrus Capital, Canadian hedge fund West Face Capital and U.S. hedge fund Livermore Partners, some of the biggest shareholders in Mitra.
The fund raise could be announced as early as Monday, the source said.
Mitra, Tyrus and West Face did not immediately respond to requests for comment.
Founded in 2005, Mitra is involved in exploration and pre-development in the Philippines, Vietnam and Indonesia. It is based in Kuala Lumpur and its shares are listed in Toronto.
Mitra could use the money to help fund the previously announced acquisition of Stag Oilfield, in the Carnarvon Basin off Western Australia, the source said. Mitra could look to do more acquisitions in the Carnarvon Basin, the source said.
Paul Blakeley, a former executive at Canada’s Talisman Energy Inc, is executive chairman of Mitra.
Update: Mitra completed a reverse takeover of Vancouver’s Petra Petroleum Inc in early 2015. Ontario Teachers’ Pension Plan, Tyrus and West Face invested in a related private placement transaction.
(Reporting by John Tilak, editing by G Crosse and Chizu Nomiyama)
(This story has been edited by Kirk Falconer, editor of PE Hub Canada)
Photo courtesy of Mitra Energy Inc