08/10/2008 - 14:09

Investors boost Golden Gate $5m raising

08/10/2008 - 14:09

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Strong investor support for Perth-based Golden Gate Petroleum has boosted the company's capital raising efforts, with stakeholders raising a further $400,000 over the $4.7 million target.

Strong investor support for Perth-based Golden Gate Petroleum has boosted the company's capital raising efforts, with stakeholders raising a further $400,000 over the $4.7 million target.

This morning the company announced it had successfully completed a share placement of $4.7 million, with funds raised to advance the drilling program at its Bullseye oil joint venture in the US.

The stock had issued 16.7 million shares at 28 cents, but later this afternoon announced it had issued a further 1.51 million shares to raise an extra $400,000, taking the total to $5.1 million.

"The strong support for the Company shown by investors through this placement is encouraging particularly considering the condition of the financial markets," the company said.

"This placement provides assurance that the Company has funds together with its current production revenue and debt facilities to move forward with its immediate drilling objectives. In particular these funds will underpin the development of the Bullseye Project.

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