By Devika Patel
Knoxville, Tenn., May 29 - Elixir Petroleum Ltd. said it will raise A$9.05 million in a private placement of stock.
The company plans to sell 33.5 million ordinary shares at A$0.27 per share.
The deal will be conducted in two tranches, with the first tranche for 24.15 million shares settling for A$6.52 million and a second tranche of 9.35 million shares closing for A$2.52 million.
The company also said it will conduct an entitlements issue at A$0.27 per share on a one for every eight shares held basis. This should raise about A$5.44 million, Elixer said.
Proceeds will be used for exploration, development, to fund the company's 35% working interest share of the 2008 work program on Block SL-4, offshore Sierra Leone, support its recent North Sea 25th Round licensing applications, a condition of which in some cases includes certain minimum balance sheet requirements and for general working capital purposes.
Elixer is an oil and gas exploration company based in Subiaco, Western Australia.
| Issuer: | Elixir Petroleum Ltd.
|
| Issue: | Ordinary stock
|
| Amount: | A$9,045,000
|
| Shares: | 33.5 million
|
| Price: | A$0.27
|
| Warrants: | No
|
| Pricing date: | May 29
|
| Stock symbol: | Australia: EXR
|
| Stock price: | A$0.28 at close May 29
|
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