Gulf Oil and Gas accountACCOUNT

Melbana Energy Announces Placement to Raise $2.1M

Source: www.gulfoilandgas.com 12/15/2017, Location: Not categorized

Melbana Energy Limited has accepted commitments to raise up to $2.1 million (before costs) through a placement of 150 million fully paid ordinary shares at $0.014 per share to qualified institutional and sophisticated investors. The Offer Price represents a discount of 12.5% to Melbana’s last traded share price on 13 December and to the 5 day volume weighted average price up to and including 13 December.

The Placement is for the approximate number of shortfall shares from the Entitlement Offer undertaken by Melbana in August this year. Melbana has been able to issue these shares at a 40% price premium to the previous Entitlement Offer as the Company has now progressed its projects in Cuba, New Zealand and most recently at Beehive, offshore Northern Australia.

Proceeds from the Placement will be used primarily for the Company’s Cuba and New Zealand projects. The net proceeds will also be used for corporate costs and for general working capital purposes. The Placement will be completed in a single tranche pursuant to the Company’s capacity under ASX Listing Rule 7.1 (using 508,285 shares of that placement capacity) and 7.1A (using all the placement capacity of 149,491,715 shares). The Placement is scheduled to settle on Thursday 21 December 2017 with new shares expected to be allotted and commence trading on ASX on Friday 22 December 2017. Patersons Limited acted as Lead Manager to the Placement.

Melbana Energy’s MD and CEO Peter Stickland said:

'The strong interest in Melbana has meant we are able to raise $2.1 million in new funds (before costs) at a substantial premium to the Entitlement Offer undertaken in August. We are appreciative of the strong interest in the Placement from both new and existing shareholders. Melbana is now well positioned to proceed with its portfolio of high impact exploration projects, commencing next month with the exciting drilling opportunity at Pukatea-1 onshore New Zealand, and with the preparatory activities for its planned drilling program of up to two wells in Cuba commencing mid 2018.'

Financials and Investment News in Australia >>

Australia >>  6/5/2020 - Global Petroleum Limited (Global) announces that it has formally applied to ASX Limited (ASX) requesting the removal of the Company from the official ...
Russia >>  6/5/2020 - PJSC Tatneft published on its web-site the unaudited consolidated interim condensed financial statements (the Financial Statements) for the three mont...

United Kingdom >>  6/5/2020 - Reference is made to Borr Drilling Limited's ("Borr Drilling") (BORR) (OSE: BDRILL) stock exchange notices dated May 20 and May 21, 2020. ...
Argentina >>  6/4/2020 - President Energy Plc, the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina , ...

United Kingdom >>  6/4/2020 - UK Oil & Gas PLC plans to carry out the following material actions designed to further strengthen the Company's overall financial and oil production p...
Argentina >>  6/3/2020 - Transaction Highlights: ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Australia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.