Po Valley (ASX code “PVE”) announced today it had placed a further 450,000 ordinary shares with Harbinger at A$1.65 per share to raise $742,500.
Harbinger will now hold 16.2 million shares in Po Valley for a 17.9% stake.
The new funds will further assist Po Valley prepare its three lead gas fields in northern Italy for maiden production in 2008, expand its Italian exploration in known gas provinces and move into gas storage opportunities in Europe in partnership with the experienced gas storage operator, Star Energy Group plc.
“The placement to Harbinger will maintain its position as our largest institutional shareholder and bring our recent capital raising to a total of around A$8 million,” Po Valley’s Chief Executive Officer, Mr Michael Masterman, said.
“It comes at a time when Po Valley is gearing up for development investment in its maiden production fields and pursuing growth initiatives which have resulted in eight new northern Italy prospects - containing 10-80 billion cubic feet of gas each – for drilling from late next year,” Mr Masterman said.
Po Valley last month completed a placement of 4.33 million shares at A$1.65 per share to raise A$7.136 million dollars. That placement was assigned primarily to a United States pension and insurance company, the Boston-based John Hancock Mutual Funds, as well as two Australian funds, the hedge group, Cranport Pty Ltd and current Po Valley major shareholder, Hunter Hall Investment Management.
The top up placement to Harbinger takes to 90.3 million, the number of ordinary Po Valley shares on issue, capitalising the Australian explorer at A$144 million, based on the its closing price on the ASX on Tuesday, 31 July, 2007, of A$1.60.
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