Completion of Entitlement Offer – Allocation of Shortfall
Further to the announcement dated 8 March 2011 the Board is pleased to confirm it has today completed the allotment of all shortfall Shares and free attaching Options under the Entitlement Offer. This completes the Entitlement’s Offer of 1,080,714,198 shares and 540,357,099 free attaching options.
This is a significant milestone that has been achieved and the Company has now settled its working capital debt through conversion of $3 million of this debt to equity and the balance being re-paid or offset against underwriting commitments from the entitlements offer.
The funds raised by the Entitlements Issue will be used for the following purposes:
(a) acquisition and participation in the High Impact (10MMBL / 302 BCF) La Posada prospect with the first well, Thibodeaux #1 well expected to be spudded in late March 2011
(b) participation in the upcoming Dugas & Leblanc #3 well;
(c) towards seismic interpretation, geological and geophysical work on the Napoleonville prospect;
(d) repay working capital loans; and
(e) meet the costs of the Entitlements Issue.
Download this document
