By Jennifer Chiou
New York, Oct. 17 - Impress Energy Ltd. said it has raised A$1 million in a private placement of shares to a sophisticated investor.
The company sold 26,315,790 shares at A$0.038 each.
As a condition of the placement, the company must raise a further $600,000. Impress said it will offer shares under a share purchase plan with the same terms to shareholders. Holders may not acquire more than $5,000 worth of shares under the plan in any 12-month period.
Under an Australian Stock Exchange rule, the company may not issue more than 30% of its already issued shares under the purchase plan. As a result, the company will offer shareholders of record as of Oct. 23 the chance to acquire shares in $1,000 increments up to $5,000.
The purchase plan offer closes on Nov. 12. It will be underwritten by Eddie Smith and John Gillon, directors of the company.
Impress said it will seek shareholder approval to have Smith and Gillon underwrite the offer.
Proceeds will be used to drill the Stormbird-1 and Growler-5 wells in addition to upgrading the Growler Production facility to handle the increased production.
Based in West Perth, Western Australia, Impress Energy is an oil and gas company.
| Issuer: | Impress Energy Ltd.
|
| Issue: | Shares
|
| Amount: | A$1 million
|
| Shares: | 26,315,790
|
| Price: | A$0.038
|
| Warrants: | No
|
| Pricing date: | Oct. 17
|
| Stock symbol: | Australia: ITC
|
| Stock price: | A$0.04 at close Oct. 17
|
© 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.
