Oil Basins Limited (ASX:OBL) is pleased to announce the successful placement of 50 million new ordinary OBL shares with "Sophisticated Investors" and "Professional Investors" at A0.032 per share to raise AU1,600,000.
The Placement was completed at a 7% premium to the OBL 30 day Volume Weighted Average Price estimated at circa A0.030 per share.
Subscribers to the placement include participation from clients of Equity Underwriters Pty Ltd and Alpha Secuities Pty Ltd. Normal fees will be paid to holders of AFSLs who supported the issue. The share issue is using the final tranche of the Company's placement capacity, as approved by OBL Shareholders at the Company's recent Annual General Meeting on 29 November 2011.
The Placement will ensure the Company is presently funded to advance our planned 2012 exploration program including the production test of Backreef-1, working capital commitments, and to pursue additional value creating projects.