17/10/2007 - 11:15

Strike Oil raises $6.1m in entitlements issue

17/10/2007 - 11:15

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Perth-based oil and gas explorer Strike Oil Ltd has raised $6.1 million after closing its non-renounceable entitlements issue with 61 per cent, or 28.3 million, taken up.

Perth-based oil and gas explorer Strike Oil Ltd has raised $6.1 million after closing its non-renounceable entitlements issue with 61 per cent, or 28.3 million, taken up.

The company is now in the process of finalising the placement of the 18.4 million share shortfall.

The placement, was part of a planned $10 million capital raising to be used to fund pat of its planned drilling and development program.

 

 

The full text of a company announcement is pasted below

The directors are pleased to advise that on 8 October 2007 the company's non-renounceable entitlement issue closed with 61% of the eligible entitlement taken up.

The company received total acceptances for shares to be issued under the entitlement issue of 28,337,553 ordinary shares at an issue price of 21.5 cents per share, raising $6,092,574.

The directors are very pleased with the level of support received from all shareholders. The issue was not underwritten and directors are now in the process of finalising the placement of the shortfall totalling 18,399,447 ordinary shares.

The allotment, issue and dispatch of shares will now take place on Friday, 19 October 2007.

 

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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