Central Petroleum (ASX: CTP) will raise an additional A$5.5 million through an an underwritten share purchase plan (SPP) to progress the company’s liquids focussed drilling program and to provide working capital.
The SPP, announced on 15 September 2011, will be underwritten by Patersons Securities Limited.
A range of institutional, sophisticated and professional investors subscribed to 91 million shares offered by Central at $0.055 per share, raising about $5 million.
John Heugh, Central's managing director, said "the fact that these highly experienced professional investors applied for the shares goes to show the confidence they have in Central's future prospects."
Central is now offering its own shareholders the right to participate in the SPP on the same terms as the stockbrokers. The record date to establish those shareholders entitled to participate in the SPP was 14 September 2011.
The opening date of the SPP is 26 September 2011 and the closing date is set for 20 October 2011.
Central raised $5 million through a placement of 91 million shares at $0.055 per share on September 16.
The funds were raised ahead of a planned Toronto Stock Exchange listing to align it with other central Australian focussed TSX listed companies with comparable acreage positions and resource potential.
The company plans to commence drilling of up to three wells at Surprise-1 in the Amadeus Basin in mid-September 2011.
The wells will test Surprise-1 for oil potential in both conventional and unconventional horizons, followed by the drilling of the 4 Billion barrel Madigan prospect (P50 UOIIP) in the Pedirka Basin and the 2 TCFG Mt Kitty prospect (P50 UGIIP).
Originally published at: http://www.proactiveinvestors.com.au/companies/news/19877/central-petroleum-to-raise-additional-a55m-via-underwritten-spp-19877.html
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