Entek, Ellendale close capital raisings

West Perth-based oil and gas explorer Entek Energy Ltd and Nedlands-based diamond explorer Ellendale Resources Ltd will both close capital raisings today, raising a combined $6.3 million.

Entek aimed to raise $4.7 million for exploration expenditure and loan repayments through a non-renounceable rights issue.

The company planned to issue over 29 million new shares on the basis of one share for every four held at an issue price of 16 cents, plus one option for every two new shares issued to raise the money.

Meanwhile, Ellendale targeted a $1.6 million capital raising through the issue of one option at one cent for every share held.

The options are exerciseable at 20 cents each.

Funds raised from the issue will be used to provide working capital to subsidiary Northern Resources Australia Pty Ltd, allowing for the company to commence exploration on its Clarke River uranium tenements.

Entek shares closed today at 19 cents, while Ellendale closed at 16.5 cents.