Investors buy 37,647,060 ordinary shares at A$0.085 each with options
By Devika Patel
Knoxville, Tenn., Feb. 21 - Austex Oil Ltd. said it has negotiated a A$3.2 million private placement of shares on Monday.
The company will sell 37,647,060 ordinary shares at A$0.085 apiece. The price per share is a 15% discount to the A$0.10 closing share price on Feb. 17.
Investors will also receive one option for every three shares bought. The options are each exercisable at A$0.15 for two years. The strike price reflects a 50% premium to the Feb. 17 closing share price.
Proceeds will be used for exploration and development on the company's oil and gas leases in Oklahoma and Kansas and also for general working capital purposes.
Austex Oil is an oil and gas development company based in Sydney, Australia.
| Issuer: | Austex Oil Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$3.2 million
|
| Shares: | 37,647,060
|
| Price: | A$0.085
|
| Options: | One option for every three shares
|
| Option expiration: | Two years
|
| Option strike price: | A$0.15
|
| Pricing date: | Feb. 20
|
| Stock symbol: | Australia: AOK
|
| Stock price: | A$0.10 at close Feb. 17
|
| Market capitalization: | A$26.93 million
|
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