By Sheri Kasprzak
New York, May 7 - Caspian Oil & Gas Ltd. plans to raise A$9.275 million in a private placement.
The offering includes up to 175 million shares at A$0.053 each.
The deal is being placed in two tranches with the first - for 124 million shares - is expected to close next week. The second tranche will close upon shareholder approval following the next shareholder meeting in mid-June.
Cartesian Capital Pty. Ltd. is the placement agent.
Proceeds will be used to fund the US$3.5 million purchase of a new oil rig.
Based in Balcatta, Australia, Caspian is an oil and natural gas exploration company.
| Issuer: | Caspian Oil & Gas Ltd.
|
| Issue: | Stock
|
| Amount: | A$9.275 million
|
| Shares: | 175 million
|
| Price: | A$0.053
|
| Warrants: | No
|
| Placement agent: | Cartesian Capital Pty. Ltd.
|
| Announcement date: | May 7
|
| Stock symbol: | Australia: CIG
|
| Stock price: | A$0.058 at close May 7
|
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