Strike Raises Fund for Southern Cooper Basin Gas Project
by Strike Energy Ltd.
|Thursday, August 01, 2013
Strike Energy Limited (Company or Strike) announced the successful completion of a $8.25 million (AUD 9.2 million) capital raising by way of a private placement (Placement) to sophisticated and professional investors.
The Placement was well supported by existing shareholders and the Company is pleased to welcome several new institutional investors to the register.
The Company will issue 92,000,000 shares at $0.09 (AUD 0.10) per share in two tranches as follows:
1) Tranche 1 – 90,000,000 shares to be issued to sophisticated and professional investors within the Company’s 15 percent placement capacity under ASX Listing Rule 7.1; and
2) Tranche 2 – 2,000,000 shares to be issued to certain Directors of the Company subject to shareholder approval to be sought at a General Meeting (to be held on or about Sep. 10)
The Placement price of $0.09 (AUD 0.10) per share is a 20 percent discount to Strike’s closing price on Australian Securities Exchange (ASX) July 29 and a 2.7 percent discount to the 30-day volume-weighted average price (VWAP).
RBC Capital Markets and Blackswan Equities Limited acted as Joint Lead Managers for the Placement.
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