By Devika Patel
Knoxville, Tenn., June 20 - Austral Pacific Energy Ltd. announced it will raise $7 million in a private placement of units.
The company will sell 14 million units at $0.50 apiece. The units consist of one common share and one half-share warrant. The whole warrants are exercisable at $1.00 apiece for 15 months.
The company already has received $5.61 million of the proceeds and the balance is expected to be received before the settlement date, June 23.
McDouall Stuart Securities is the agent.
Proceeds will be used to fund the company's current and future drilling programs and other working capital.
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 half-share warrant
|
| Amount: | $7 million
|
| Units: | 14 million
|
| Price: | $0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 15 months
|
| Warrant strike price: | $1.00
|
| Agent: | McDouall Stuart Securities
|
| Pricing date: | June 20
|
| Settlement date: | June 23
|
| Stock symbol: | Amex: AEN
|
| Stock price: | $0.50 at close June 19
|
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