Highlights
* Firm commitments received for a $15 million Placement at $0.12 per share
* Strong support from domestic and international institutions and sophisticated investors resulting in a significant excess of demand for the funds sought
* Issue price represents a 14.3% discount to the last closing price of $0.14 per share and a 1.6% discount to the 5-day volume weighted average price of $0.122 per share
* Funds to be used primarily for Melbana’s share of costs associated with new and expanded work streams arising from recent exploration successes in Block 9, Cuba
Melbana Energy Limited (ASX: MAY) (Melbana) is pleased to announce that is has received firm commitments to raise $15 million (before costs) through the issue of 125 million fully paid ordinary shares at $0.12 per share (Placement) to new and existing institutions and sophisticated investors.
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