By Sheri Kasprzak
New York, Aug. 24 - Caspian Oil & Gas Ltd. said it plans to raise A$2.9 million in a private placement of stock.
The offering includes 58 million shares at A$0.05 each sold to sophisticated and institutional investors.
Cartesian Capital Pty. Ltd. and Patersons Securities Ltd. are the lead managers of the offering.
The deal is expected to close on Aug. 29.
The proceeds will be used to pay liabilities to the vendor of a Kyrgyz oil property, to pay for feasibility studies for shallow oil production, to identify new oil opportunities and to provide working capital.
Based in Sydney, Australia, Caspian is an oil and natural gas exploration company.
| Issuer: | Caspian Oil & Gas Ltd.
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| Issue: | Stock
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| Amount: | A$2.9 million
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| Shares: | 58 million
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| Price: | A$0.05
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| Warrants: | No
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| Placement agents: | Cartesian Capital Pty. Ltd. and Patersons Securities Ltd.
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| Announcement date: | Aug. 24
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| Settlement date: | Aug. 29
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| Stock price: | A$0.056 at close Aug. 24
|
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