(MENAFN - ProactiveInvestors - Australia) WHL Energy (ASX:WHN) has completed its A3.51 million capital raising to fund the planned work program in its Seychelles permits next year.
This follows the issue of the remaining shortfall of 164,221,009 options as part of its non-renounceable option plan to issue 1 option for every 4 shares.
Early this month, WHL Energy announced that it issued an additional 23,503,120 options as the initial allocation of the shortfall.
The company had to scale back all allocations under the shortfall offer due to it being significantly oversubscribed by both existing shareholders and other investors.
WHL will also actively seek partners on its acreages in the Seychelles and Australia.
WHL's flagship project is its 17,345 square kilometres exploration area offshore Seychelles, where an exploration program is likely to be undertaken in the second half of next year.
It also holds an exploration permit in the offshore Otway Basin in Victoria, and a 33.33% equity in an exploration permit in the offshore Southern Carnarvon Basin.
Additionally, WHL is also actively investigating growth opportunities in the wider East African region.