By Devika Patel
Knoxville, Tenn., Dec. 19 - Austral Pacific Energy Ltd. will conduct a $15 million private placement of units.
The company has agreed to sell 12.5 million units at $1.20 apiece. The units consist of one common share and one warrant. The warrants are exercisable at $2.25 apiece for one year.
Proceeds will be used for appraisal and development of projects and to complete the cash portion of the company's previously announced purchase of a further 19% interest in the Cardiff gas condensate field.
Based in Wellington, New Zealand, Austral Pacific is an oil and natural gas exploration company.
| Issuer: | Austral Pacific Energy Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $15 million
|
| Units: | 12.5 million
|
| Price: | $1.20
|
| Warrants: | One per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | $2.25
|
| Settlement date: | Dec. 19
|
| Stock symbol: | Amex: AEN
|
| Stock price: | $1.03 at close Dec. 18
|
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