Pryme Oil & Gas Completes Private Placement
Pryme Oil and Gas has successfully completed a placement of 14,000,000 fully paid ordinary shares to local and overseas sophisticated and professional investors.
The placement was organized by First Capital Corporate at a subscription price of $0.40 per share with two free attaching options for every three shares subscribed exercisable at $0.40 on or before the June 30, 2008 to raise gross funds of $5.6 million ("Placement Shares"). The Placement Shares are being issued under the shareholder approval obtained at the General Meeting of Pryme held on July 20, 2006 and under the excluded investor exemptions in Section 708 of the Corporations Act.
The Placement Shares are part of a class of securities quoted on the ASX and are subject to trading restrictions for a period of the earlier of 12 months from the date of issue, or from the date of issue to the date a prospectus is issued by Pryme in relation to securities in the same class as the Placement Shares.
Pryme Oil and Gas Limited is a fast-growing Australian oil and natural gas producer and explorer with interests in the U.S., the world's biggest oil market. The company has an exceptional suite of exploration projects focused in Louisiana, the fifth-largest oil-producing state in the U.S. These projects are funded
in part by existing cash flow. Pryme's management team has a total of almost 50 years of energy industry experience and has uniquely focused local knowledge, underscored by the proven track records of its managers and directors.
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