(MENAFN- ProactiveInvestors)
() shareholders have subscribed for 127834087 shares worth a total of $639170 under its recent 1 for 3 non-renounceable entitlement issue priced at $0.005 each.
The remaining 73261836 shares will be allocated to underwriter Merchant Corporate Finance Pty Ltd.
Funds from the $1 million capital raising will be used for:
- Funding the interpretation of the newly reprocessed 3D seismic data obtained in respect of its existing Gippsland Basin exploration interests and the undertaking of geological and geophysical studies in connection with those interests;
- Identifying opportunities to acquire additional interests in prospective oil and gas projects; and
- Meeting its general working capital requirements.
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