By Marisa Wong
Milwaukee, Feb. 25 - Marion Energy Ltd. has received commitments of A$2.8 million from sophisticated and institutional investors through a placement of shares, according to a company news release.
Marion priced 40 million shares at A$0.07 each, with attaching options to subscribe for ordinary shares. One option will be issued for every share subscribed for in the placement and will be exercisable at A$0.10 per share for two years.
The shares and 33% of the options will be issued in one tranche, with the remaining options to be issued upon shareholder approval, according to the release.
Proceeds from the placement will be used to advance the company's operational rehabilitation program.
Marion Energy is a Hawthorn, Australia-based oil and gas exploration and development company with projects in the United States.
| Issuer: | Marion Energy Ltd.
|
| Issue: | Ordinary shares with attaching options
|
| Amount: | A$2.8 million
|
| Shares: | 40 million
|
| Price: | A$0.07
|
| Options: | One option per share subscribed
|
| Option expiration: | Two years
|
| Option strike price: | A$0.10
|
| Announcement date: | Feb. 25
|
| Stock symbol: | Australia: MAE
|
| Stock price: | A$0.065 at close Feb. 25
|
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