By Laura Lutz
Des Moines, March 21 - Carnarvon Petroleum Ltd. negotiated a private placement of shares for A$12.32 million.
The company plans to sell 160 million ordinary shares at A$0.077 each.
Hartleys Ltd. will act as agent.
The placement will be settled in two tranches. The first, for 70 million shares, will be settled shortly under the company's 15% placement capacity. The remaining shares will be issued following shareholder approval at a late April meeting.
Proceeds will be used for the company's program in the Phetchabun Basin in Thailand and for corporate growth.
Carnarvon is an oil and gas company based in West Perth, Australia.
| Issuer: | Carnarvon Petroleum Ltd.
|
| Issue: | Shares
|
| Amount: | A$12.32 million
|
| Shares: | 160 million
|
| Price: | A$0.077
|
| Warrants: | No
|
| Agent: | Hartleys Ltd.
|
| Pricing date: | March 21
|
| Stock symbol: | Australia: CVN
|
| Stock price: | A$0.088 at close March 21
|
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