Elk Petroleum launches entitlement offer

Company News

by Jessica Ellerm


Elk Petroleum Limited (ASX:ELK) has announced it has launched a AU$30.76 million entitlement offer. 
 
The partially underwritten 1 for 1 non-renounceable pro-rata offer to eligible shareholders has an offer price of AU$0.075 per share. 
 
Elk Petroleum will use the proceeds raised to partially fund its Grieve Project.
 
Alongside the raising, the company has announced it has executed a mandate letter with the credit arm of a global asset management firm for a senior loan facility in the order of $55 million.  
 
Elk Petroleum reported a net loss of $3.5 million at 31 December 2015. 

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.