Deal funds acquisition and development of satellite mines, drilling
By Devika Patel
Knoxville, Tenn., May 30 - Orpheus Energy Ltd. said it will raise A$2.24 million in a private placement of stock. BBY Ltd. is the lead manager.
The company will sell 17,227,198 shares at A$0.13 apiece, which is identical to the May 29 closing share price.
Proceeds will be used for the acquisition and development of satellite mines in the South Kalimantan Kintap area, drilling and exploration for the B34 Project in East Kalimantan and for working capital.
Orpheus is a coal mining company in Sydney, Australia.
| Issuer: | Orpheus Energy Ltd.
|
| Issue: | Shares
|
| Amount: | A$2,239,536
|
| Shares: | 17,227,198
|
| Price: | A$0.13
|
| Warrants: | No
|
| Manager: | BBY Ltd. (lead)
|
| Pricing date: | May 30
|
| Stock symbol: | Australia: OEG
|
| Stock price: | A$0.13 at close May 29
|
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