Jupiter Energy finalises $4m placement

West Perth-based Jupiter Energy Ltd has finalised a placement to raise $4 million for evaluation and acquisition of oil and gas projects in Kazakhstan.

The company, which issued 100 million shares at 4 cents each, will also issue an additional 100 million options to investors at 0.1 cents each to raise an additional $100,000, as well as issuing one free attaching option for every share bought under the plan.

Funds from the offer will be used to open an office in Almaty, Kazakhstan, hire appropriate local resources and carry out detailed due diligence, including 3D seismic studies, on a range of exploration permits that are available to the company.