By Sheri Kasprzak
New York, July 20 - Methanol Australia Ltd. has concluded a A$3.16 million private placement.
The company sold 14,044,444 shares at A$0.225 each to Cambrian Oil & Gas plc.
Each share includes an attached warrant, exercisable at A$0.25 each through April 30, 2007.
Along with the placement, the company instituted a non-renounceable rights issue of one share at A$0.225 each for every four shares held by qualified shareholders. Each share includes an option, exercisable under the same terms as the options in the placement.
Tollhurst Noall Ltd. is the underwriter for the rights issue.
Based in Melbourne, Australia, Methanol Australia develops gas-to-liquid projects.
| Issuer: | Methanol Australia Ltd.
|
| Issue: | Stock
|
| Amount: | A$3.16 million
|
| Shares: | 14,044,444
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| Price: | A$0.225
|
| Warrants: | One per share
|
| Warrant expiration: | April 30, 2007
|
| Warrant strike price: | A$0.25
|
| Investor: | Cambrian Oil & Gas plc
|
| Settlement date: | July 20
|
| Stock symbol: | Australia: MEO
|
| Stock price: | A$0.185 at close July 20
|
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