Austral Pacific Energy Ltd. has completed the placement of 11,222,360 common (ordinary) shares with attached half-warrants, sold as units at $0.50 per unit, for total proceeds of $5,611,180. Two half-warrants are exercisable for one common share of the Company's capital for 15 months after closing at an exercise price of $1.00.
The funds will be used to fund the Company's current and future drilling programs and other working capital. Results from the Cheal A6 well are expected within the next week.
The shares and any shares issuable on exercise of the warrants will be subject to a four month resale restricted period in Canada.
These securities are not being offered or sold in the United States and will not be registered under the US Securities Act of 1933. They will not be eligible for resale within the United States except in accordance with available exemptions from registration under that Act.
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