Golden Gate Petroleum Ltd (ASX:GGP) (“Golden Gate” or the “Company”) is pleased to announce that the Company has raised $1,950,000 (before expenses) through the issue of 39,000,000 secured convertible notes.
Shareholders approved at a general meeting on 19 September 2012, for the purposes of Listing Rule 7.1 and all other purposes, the issue of up to 100,000,000 to raise up to $5,000,000.
The Company expects to be able to close out the balance of the convertible note issue within the next week. On conclusion of the convertible note issue the Company will be able to provide full details of the proposed Entitlement Issue to all shareholders.
The funds raised are to be primarily used to fund the drilling and completion of the Company’s first horizontal well at its Permian project, the SRH #5H well.
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