By Marisa Wong
Milwaukee, Sept. 29 – European Gas Ltd. announced that it has raised A$2.41 million through a private placement of stock.
The company sold 14.2 million shares at A$0.17 per share.
The placement will be made to Maoming Fund and will be completed in two tranches with the issuance of 7.1 million shares immediately and 7.1 million shares on Oct. 15. No commission or brokerage is payable, according to a news release.
Proceeds will be used for working capital including exploration, drilling and capital works at the company’s hydrocarbon exploration and production operations in France and elsewhere in Europe.
European Gas is a hydrocarbon producer, developer and explorer based in Paris.
| Issuer: | European Gas Ltd.
|
| Issue: | Shares
|
| Amount: | A$2.41 million
|
| Shares: | 14.2 million
|
| Price: | A$0.17
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Announcement date: | Sept. 29
|
| Stock symbol: | Australia: EPG
|
| Stock price: | A$0.175 at close Sept. 29
|
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