By Sheri Kasprzak
New York, April 13 - Orchard Petroleum Ltd. has negotiated a A$5.18 million private placement.
The deal includes up to 7 million shares at A$0.74 each.
E.L. & C. Baillieu Stockbroking Ltd. is the placement agent.
The offering will be geared toward local and foreign institutional investors.
The proceeds will be used to accelerate the company's drilling and production program.
Located in Melbourne, Australia, Orchard is an oil and natural gas exploration company.
| Issuer: | Orchard Petroleum Ltd.
|
| Issue: | Stock
|
| Amount: | A$5.18 million
|
| Shares: | 7 million
|
| Price: | A$0.74
|
| Warrants: | No
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| Placement agent: | E.L. & C. Baillieu Stockbroking Ltd.
|
| Pricing date: | April 13
|
| Stock symbol: | Australia: OPL
|
| Stock price: | A$0.765 at close April 13
|
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