Completion of Placement
The Company is pleased to confirm that it has completed the issue of 364,051,103 shares at 0.5 cents to raise ~$1.8m. The Company is presently completing a cleansing prospectus to enable the issue of the 182,025,552 free attaching listed options (ASX Code: GGEO). The securities are being issued under the Company’s capacity under the listing rules 7.1.
The funds have been raised from sophisticated investors and will be used to 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
