By Devika Patel
Knoxville, Tenn., July 13 - Key Petroleum Ltd. said it raised A$1.03 million in an private placement of shares.
The company sold 19,501,887 shares at A$0.053 per share. Investors who bought 4 million or more shares in this placement will receive options, on a 1 for 2 basis, which are exercisable at A$0.075 until Nov. 30, 2011.
Pursuit Capital Pty Ltd. was the lead manager.
Proceeds will be used for general working capital purposes and drilling.
Based in West Perth, Australia, Key Petroleum is an oil and gas explorer.
| Issuer: | Key Petroleum Ltd.
|
| Issue: | Shares
|
| Amount: | A$1,033,600
|
| Shares: | 19,501,887
|
| Price: | A$0.053
|
| Options: | 1 for 2 (if buying 4 million or more shares)
|
| Option expiration: | Nov. 30, 2011
|
| Option strike price: | A$0.075
|
| Manager: | Pursuit Capital Pty Ltd. (lead)
|
| Settlement date: | July 13
|
| Stock symbol: | Australia: KEY
|
| Stock price: | A$0.06 at close July 13
|
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