Equity Capital Raising: $1.1 Million Share Placement Successfully Completed
The Board of Marion Energy Limited (ASX:MAE, MAEO, MAEOA) advises that it has completed a share placement of 50 million shares at a price of 2.2 cents each, raising A$1.1million from a range of professional and sophisticated investors. These new shares will be issued together with a free attaching option on the basis of one option for every two shares subscribed, at an exercise price of 2.5 cents each with an expiry date of 10 December 2012.
The funds raised will be used to support the Company’s ongoing program involving a well workover program on up to sixteen of the Company’s Clear Creek, Utah gas wells.
The placement was arranged and managed by Autus Capital.
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