Oil and gas explorer Jacka Resources has secured at least $10 million in funding to advance exploration programs set to commence early in the new year at its Hammamet project near Tunisia and Nigeria.
Jacka said it had finalised a transaction which will see $10 million of its $14.3 million in listed options underwritten by DJ Carmichael.
The options have a strike price of 20 cents each.
Jacka said the transaction closed significantly oversubscribed and was scaled back to $10 million.
“The strong support we have seen in this transaction underlines the quality of the portfolio that the company has assembled to date,” chairman Scott Spencer said.
“The underwriting guarantees that the company will have the necessary funds to advance its portfolio and we look forward to the key forthcoming events that will have a material impact on the company.”
At close of trade today, Jacka shares were steady at 20 cents.