(MENAFN- ProactiveInvestors - Australia) Basins (ASX: OBL) will soon update the market on a capital raising that will place it in a position to accept and finalise any formal grant of a Western Australia exploration permit.
The company has placed its shares into an ASX trading halt.
Oil Basins is awaiting the grant of 5/07-8EP in the Canning Basin.
Fortescue Metals Group (ASX: FMG) will be offered a priority farm-in to the permit under its investment in Oil Basins.
The iron producer will have the opportunity to take up a 25% stake in the permit for a payment of A$1.75 million as part of a subsequent $10 million free carry on a two for one basis.
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