Bounty Raises $960,000 through Placement
Bounty Oil & Gas NL (ASX Code: BUY) reports that commitments have been received by its placement managers from sophisticated and experienced retail investor clients for the placement of 12 million new fully paid ordinary shares at $0.08 per share, to raise $0.960 million, before costs. Once issued, the shares will rank pari passu with the existing ordinary shares on issue. The 12 million shares are being issued in accordance with shareholder approval from the Annual General Meeting held on November 30, 2005.
The funds raised from the placement will be used for any contingencies related to the Magnolia-1 well in the AC/P 32 permit off Western Australia, and for working capital. Bounty retains 10.4% interest in AC/P 32, and only has to fund 0.64% of Magnolia-1 up to a total capped well cost of US$8 million (A$10.6 million).
The placement was managed by Claymore Capital, Sydney.
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