Oct. 17 - Austral Pacific Energy Ltd. said it has agreed a private placement for $6.5 million.
The company will sell 5 million shares at $1.30 each to accredited investors in New Zealand and North America. Virtually all went to existing principal shareholders including Wellington, New Zealand-based Infratil Ltd. and Vancouver, B.C.-based Trans-Orient Petroleum Ltd.
Proceeds will be used to help fund the acquisition of Arrowhead Energy Ltd.
Based in Wellington, New Zealand, Austral Pacific is an oil and natural gas exploration company.
| Issuer: | Austral Pacific Energy Ltd.
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| Issue: | Stock
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| Amount: | $6.5 million
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| Shares: | 5 million
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| Price: | $1.30
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| Warrants: | No
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| Investors: | Infratil Ltd., Trans-Orient Petroleum Ltd., others
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| Announcement date: | Oct. 17
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| Stock symbol: | Amex: AEN
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| Stock price: | $1.57 at close Oct. 17
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