Byron Energy Limited (ASX:BYE)
says commitments have been received to raise $4.5 million through a placement of 29.9 million shares.
The company says the placement was strongly and mainly supported by the company’s larger shareholders, including interests associated with directors.
The placement price of $0.15 per share represents an 18.65 per cent discount to the 5 day VWAP of $0.1843.
The funds will be used for working capital purposes to undertake drilling and development activities in the Gulf of Mexico.
Byron Energy reported a net loss of $5.52 million at 30 June 2015.