Perth-based junior Kinetiko Energy has raised $3 million to fund drilling activities at its Amersfoot coal bed methane project in South Africa.
Kinetiko today announced it had completed a placement to institutional and sophisticated investors to raise the funds, priced at 18 cents per share.
Managing director Adam Lambert said the capital raising would allow the company to progess additional pilot and core hole drilling at the Amersfoot project.
The placement was lead managed by Wilson HTM Corporate Finance.
Kinetiko shares last traded at 21 cents.