By Sheri Kasprzak
New York, Aug. 11 - Karoon Gas Australia Ltd. said it has completed a private placement of stock for A$13.95 million.
The company sold 7.75 million shares at A$1.80 each to sophisticated and institutional investors in Australia, the United States and the United Kingdom.
BBY Ltd. was the lead bookrunner for the deal, and E.L. & C. Baillieu Stockbroking Ltd. was a placement agent.
The proceeds will be used to fund the company's work program at the Browse and Gippsland basins.
Based in Victoria, Australia, Karoon is a natural gas exploration company.
| Issuer: | Karoon Gas Australia Ltd.
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| Issue: | Stock
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| Amount: | A$13.95 million
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| Shares: | 7.75 million
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| Price: | A$1.80
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| Warrants: | No
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| Placement agents: | BBY Ltd. (lead); E.L. & C. Baillieu Stockbroking Ltd.
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| Settlement date: | Aug. 11
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| Stock price: | A$1.97 at close Aug. 11
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