Samson raises $3.4m in placement for exploration

Perth-based petroleum player Samson Oil and Gas Ltd has raised $3.4 million through a placement, with funds to be spent on exploration of its US oil and gas projects.

The full text of a company announcement is pasted below

The Directors of Samson Oil & Gas Limited ("Company") announce that the Company has completed a placement of 16,895,383 fully paid ordinary shares to two US institutional investors at A20 cents per share. Included in the terms of the placement, the Company will issue 3,379,077 free attaching options on the basis of one option for every five ordinary fully paid shares issued.

The options are exercisable at A30 cents per share and expire on 10 October 2012.

The placement raised A$3,379,077 before costs and will provide funds for ongoing exploration and development programs on the Company's US oil and gas projects.

The placement does not require shareholder approval