Jupiter seeks $7.6m for acquisition

Perth based company Jupiter Energy Ltd will aim to raise $7.6 million, through a share and option placement, to fund current acquisition efforts.

The company will place 100 million shares on offer at 7.5 cents per share and also 100 million options at 1 cent per option.

Placement will be finalised once shareholder approval is granted, with a general meeting to be held on May 21.

Full announcement below:

The Board of Jupiter Energy Limited (ASX: JPR) is pleased to advise
shareholders that the Company, working with Indian Ocean Capital Pty Ltd
("IOC") as Lead Manager to the Issue, has finalised the book build for the
placement of 100m shares and 100m listed options with sophisticated
investors to raise a total of $7.6 million (before costs). The shares will be
placed at 7.5 cents per share and the options at 0.1 cent per option.
The funds will be used to complete the acquisition of Block 31.
The placement will be finalised once shareholders approve the resolutions
covering the issue of the shares and options at a General Meeting of
shareholders which will be held on 21 May 2008.