Offering raises funds for exploration of company's tenement portfolio
By Devika Patel
Knoxville, Tenn., Oct. 15 - Metrocoal Ltd. said it plans a private placement of shares at a 11.77% discount to the Oct. 14 closing share price of A$0.34.
The company will raise A$10.5 million by selling 35 million ordinary shares at A$0.30 apiece.
Proceeds will be used for exploration across MetroCoal's tenement portfolio, including a focus on the Bundi Project area, early commitments for planned infrastructure participation, additional working capital and offer costs.
The coal-based energy company is based in East Brisbane, Australia.
| Issuer: | Tap Oil Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$10.5 million
|
| Shares: | 35 million
|
| Price: | A$0.30
|
| Warrants: | No
|
| Pricing date: | Oct. 15
|
| Stock symbol: | Australia: MTE
|
| Stock price: | A$0.32 at close Oct. 15
|
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