Antares to raise $5m through note issue

West Perth-based hydrocarbon exploration company Antares Energy Ltd will raise $5 million through a convertible notes issue to fund the appraisal and development of new discoveries.

The notes will have a 10 per cent per annum interest rate, payable quarterly in arrears, though with the new notes being issued in the middle of an interest period, the entitlement for each new note will be different to the entitlement of the existing notes.

In order to allow for the different interest entitlement, the new notes will be quoted on ASX as AZZGA until 17 April 2007, being the ex-date for the next interest payment. On 17 April 2007 the notes quoted as AZZGA will automatically be transferred to the AZZG code by ASX.

The full text of a company announcement is pasted below

The Board of Antares Energy Limited is pleased to announce the raising of $5 million through the issue of a further 2,500,000 convertible notes at $2.00 each. These new notes are issued on the same terms and conditions as the existing convertible notes which are quoted on ASX as AZZG, however please note the following: