Placement of $1,800,000
The Company is pleased to advise that it has received applications and placement agreements to raise $1,800,000 through the placement of 360,000,000 shares at 0.5 cents each with one free attaching listed option for every two shares issued. The listed options will be exercisable at 1.5 cents each on or before 30 June 2013. The shares will be issued under the Company’s capacity under the listing rules 7.1.
The funds have been raised from sophisticated investors and will be used towards funding:
- Thibodeaux #1 Well, La Posada;
- Dugas & Leblanc #3 development well at Napoleonville;
- Desiree #1, oil exploration well targeting updip 600,000 to 800,000 bbls at Napoleonville; and
- geological and geophysical exploration and development programme at Napoleonville.
In addition to the completion of the recent entitlements issue and the elimination of $6.5m of working capital debt the Company is new well funded to expand its program at Napoleonville and to advance the evaluation and potential investment in new oil and gas assets being reviewed by the Company.
Download this document
