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IPB Petroleum Limited, Placement to Raise $1.15 Million for Future Activities

IPB Petroleum Limited “IPB Petroleum” (ASX:IPB) is pleased to announce the successful completion of a placement of approximately 3.6 million new shares at an issue price of $0.32 per share to professional and sophisticated investors raising $1.15 million (‘Placement’).
Morgans Corporate was Lead Manager in respect to the Placement. The Placement received good interest from local investors including existing sophisticated investors.
Funds raised pursuant to the Placement will be applied over the next twelve months towards:
-  Continuing IPB’s study work in its three (3) Exploration Permits in the Browse Basin, offshore North West Australia, and potential new permit(s);
-  Pursuing Farm Out activities; and for
-  General working capital purposes.
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