By Devika Patel
Knoxville, Tenn., Oct. 5 - Mosaic Oil NL said it has settled a heavily oversubscribed private placement of shares for A$10.9 million.
The company sold 94.74 million ordinary shares at A$0.115 apiece.
RBS Morgans was the agent.
Proceeds will be used to finance Mosaic Oil's exploration and development plans with a particular emphasis on drilling new oil wells to maximize liquid hydrocarbon production rates.
Sydney, Australia's Mosaic Oil explores and produces oil and gas.
| Issuer: | Mosaic Oil NL
|
| Issue: | Ordinary shares
|
| Amount: | A$10,895,100
|
| Shares: | 94.74 million
|
| Price: | A$0.115
|
| Warrants: | No
|
| Agent: | RBS Morgans
|
| Pricing date: | Oct. 5
|
| Stock symbol: | Australia: MOS
|
| Stock price: | A$0.13 at close Oct. 5
|
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