IPB Petroleum Limited “IPB Petroleum” (ASX:IPB) is pleased to announce the successful completion of a placement of approximately 11.1 million new shares at an issue price of $0.27 per share to institutional and sophisticated investors, raising $3.0 million (‘Placement’).
Morgans Corporate and Sanston Securities were Joint Lead Managers in respect of the Placement. The Placement received very strong interest from local and overseas institutional investors as well as new and existing sophisticated investors and as a result was closed oversubscribed.
Funds raised pursuant to the Placement will be applied over the next twelve (12) months towards:
- Continuing IPB’s study work in its three (3) Exploration Permits in the Browse Basin, offshore North West Australia;
- Pursuing New Ventures and Farmout activities ; and for
- General working capital purposes.
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