Candice Cooke, Australia
Reach Capital
Australis Oil & Gas (ASX: ATS) raises $7.5 Mil and opens share purchase plan
Oil & Gas exploration company, Australis Oil & Gas, has announced raising $7.5 million in the first of a two-tranche placement. The company opens share purchase plan to raise a further $2 million.
On March 1, Oil & Gas exploration company, Australis Oil & Gas, announced raising $7.5 Mil in the first of a two-tranche placement with sophisticated and institutional investors. Funds raised will be used to continue leasing acreage in Tuscaloosa Marine Shale (TMS) and to attain working capital. A further 13.5 million shares is set to be issued in the second tranche pending shareholder approval.
In the meantime, the company has opened a share purchase plan allowing eligible investors to purchase up to $30,000 worth of shares at 5¢. ATS hopes the plan will raise a further $2 million. The SPP closes March 26, however this may be subject to change.
Australis was trading at 4.8 cents at market close.
