By Devika Patel
Knoxville, Tenn., June 10 - Elixir Petroleum Ltd. said it raised A$5.4 million in the first tranche of a A$9.05 million private placement of stock. The deal priced May 29.
In this tranche, the company sold 20 million shares at A$0.27 per share. It plans to sell 33.5 million shares at that price.
Proceeds will be used for exploration, development, to fund the company's 35% working interest share of the 2008 work program on Block SL-4, offshore Sierra Leone, support its recent North Sea 25th Round licensing applications, a condition of which in some cases includes certain minimum balance sheet requirements and for general working capital purposes.
Elixer is an oil and gas exploration company based in Subiaco, Western Australia.
| Issuer: | Elixir Petroleum Ltd.
|
| Issue: | Stock
|
| Amount: | A$9.05 million
|
| Shares: | 20 million
|
| Price: | A$0.27
|
| Warrants: | No
|
| Pricing date: | May 29
|
| Settlement date: | June 10 (for A$5.4 million)
|
| Stock symbol: | Australia: EXR
|
| Stock price: | A$0.28 at close May 29
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
