Offering expected to finance drilling of wells, gas plant construction
By Devika Patel
Knoxville, Tenn., April 20 - Hawkley Oil and Gas Ltd. said it will conduct a A$15 million private placement of shares.
The company will sell 40.55 million shares at A$0.37 apiece to clients of Hartleys Ltd., the agent. The price per share reflects an 11.91% discount to the A$0.42 closing share price on April 19.
Proceeds will be used to drill a second development well at Sorochynska, drill appraisal and development Well #1 at Chernetska, build a gas plant to process Sorochynska gas, complete one or more potential acquisitions, drill a third development well at Sorochynska and for general working capital requirements.
The oil and gas explorer is based in Queensland, Australia.
| Issuer: | Hawkley Oil and Gas Ltd.
|
| Issue: | Shares
|
| Amount: | A$15,003,500
|
| Shares: | 40.55 million
|
| Price: | A$0.37
|
| Warrants: | No
|
| Agent: | Hartleys Ltd.
|
| Pricing date: | April 20
|
| Stock symbol: | Australia: HOG
|
| Stock price: | A$0.39 at close April 20
|
| Market capitalization: | A$72.82 million
|
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