28/10/2013 - 11:50

Jacka boosts coffers with $5.5m raising

28/10/2013 - 11:50

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Shares in listed oil and gas explorer Jacka Resources closed the day's trade more than 14 per cent higher after the company announced it had secured a convertible facility worth up to $5.5 million.

Jacka boosts coffers with $5.5m raising

Shares in listed oil and gas explorer Jacka Resources closed the day's trade more than 14 per cent higher after the company announced it had secured a convertible facility worth up to $5.5 million.

Jacka reached agreement with its largest shareholder for a $3.5 million convertible facility with the option of expanding the facility to $5.5 million.

The investor will be issued 20 million options at 14 cents each.

"We are very pleased to have secured the ongoing support of the company's largest shareholder and can now refoccus on our work program and delivering value from our exciting portfolio of assets," Jacka chairman Scott Spencer said.

Jacka said the funds would progress development at its Hammamet West-3 joint venture off Tunisia.

The company's shares were up 14.2 cents at 8 cents at the close of trade.

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