By Devika Patel
Knoxville, Tenn., July 25 - Otto Energy Ltd. announced that it has reached agreement with Max Capital Pty. Ltd. and Patersons Securities Ltd. to raise A$11.02 million in a private placement.
The company sold 36.73 million shares at A$0.30 per share.
Of those, 25.9 million shares will be issued immediately and 10.83 million shares will be issued after Otto Energy gets shareholder approval. A notice of meeting in this regard will be sent to shareholders shortly.
Proceeds will be used for exploration and development of Otto's Philippines assets.
Otto Energy is a West Perth, Australia-based oil and gas company.
| Issuer: | Otto Energy Ltd.
|
| Issue: | Shares
|
| Amount: | A$11.02 million
|
| Shares: | 36.73 million
|
| Price: | A$0.30
|
| Warrants: | No
|
| Agents: | Max Capital Pty. Ltd. and Patersons Securities Ltd. (joint lead managers)
|
| Pricing date: | July 24
|
| Stock symbol: | Australia: OEL
|
| Stock price: | A$0.35 at close July 25
|
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