Karoon Gas Australia to conduct private placement of ordinary stock

By Devika Patel

Knoxville, Tenn., Sept. 15 - Karoon Gas Australia Ltd. said it plans a private placement of ordinary shares.

Merrill Lynch is the lead manager and bookrunner.

Proceeds will be used to bolster the company's cash position for its exploration and appraisal program in the Browse Basin, for exploration in Brazil and Peru and for general working capital.

Karoon is an energy exploration company based in Mount Martha, Australia.

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