By Devika Patel
Knoxville, Tenn., June 26 - Austral Pacific Energy Ltd. said it took in $5.61 million in a private placement of units. The deal priced for $7 million on June 20.
The company sold 11,222,360 units at $0.50 apiece. It had planned to sell 14 million units. The units consist of one common share and one half-share warrant. The whole warrants are exercisable at $1.00 apiece for 15 months.
McDouall Stuart Securities was 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: | $5,611,180
|
| Units: | 11,222,360
|
| 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 25
|
| Stock symbol: | Amex: AEN
|
| Stock price: | $0.50 at close June 19
|
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