Balcatta-based Caspian Oil & Gas Ltd has finalised plans to raise $6 million in new equity to progress its Kyrgyz oil prospects.
Balcatta-based Caspian Oil & Gas Ltd has finalised plans to raise $6 million in new equity to progress its Kyrgyz oil prospects.
An agreement has been finalised with Cartesian Capital Pty Ltd, under which it will procure subscriptions from its clients for up to 86 million new ordinary shares at an issue price of 7 cents each.
Up to 21.5 million free attaching options, exercisable at 10 cents each on or before 31 March 2010, will also be issued.
The funds will be used to further ramp up the ongoing aggressive drilling campaign on the company's Kyrgyz oil prospects and for working capital.
Part of the funds may also be used to upgrade the company owned rig equipment in anticipation of deeper drilling later in the year.
The additional funds will also allow the company to continue assessing new oil and gas opportunities in the Central Asian region.
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