By Marisa Wong
Milwaukee, Nov. 18 - Elk Petroleum Ltd. announced that it raised A$1.61 million through a private placement of ordinary shares on Tuesday.
Elk priced 9,447,059 ordinary shares at A$0.17 per share.
Funds from the capital raise will be used for pre-drilling field work, final facilities design and funding negotiations for the phase 1 Grieve Chemical Flood development in Wyoming, according to a company news release. Proceeds will also be used for gas discovery and working capital.
Elk is a North Sydney, Australia-based petroleum development company.
| Issuer: | Elk Petroleum Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$1.606 million
|
| Shares: | 9,447,059
|
| Price: | A$0.17
|
| Warrants: | No
|
| Settlement date: | Nov. 17
|
| Stock symbol: | Australia: ELK
|
| Stock price: | A$0.18 at close Nov. 18
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
