By Sheri Kasprzak
New York, May 10 - Molopo Australia Ltd. has entered into agreements to close a A$2,372,000 private placement.
The company intends to sell 59.3 million shares at A$0.04 each to sophisticated and professional investors.
The proceeds will be used for drilling on the Mungi coalbed methane field in Queensland, on the Gloucester field and at the Harcourt field in Queensland.
Located in Melbourne, Australia, Molopo is an oil, natural gas and coalbed methane exploration and development company.
| Issuer: | Molopo Australia Ltd.
|
| Issue: | Stock
|
| Amount: | A$2,372,000
|
| Shares: | 59.3 million
|
| Price: | A$0.04
|
| Warrants: | No
|
| Announcement date: | May 10
|
| Stock symbol: | Australia: MPO
|
| Stock price: | A$0.048 at close May 10
|
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