By Sheri Kasprzak
New York, March 17 - Nexus Energy Ltd. said it is preparing to close a A$44.18 million private placement.
The company intends to sell a total of 94 million shares at A$0.47 each in two tranches.
In the first tranche, slated to close March 24, the company will issue 36.9 million shares and in the second, scheduled to close April 24, the company will issue 57.1 million shares.
The shares are being offered to Australian and international institutional investors through agents Euroz Securities Ltd. and Beaufort International Associates Ltd.
Proceeds will be used for development on the company's oil and natural gas properties and for working capital.
Based in Melbourne, Australia, Nexus is an oil and natural gas exploration company.
| Issuer: | Nexus Energy Ltd.
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| Issue: | Stock
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| Amount: | A$44.18 million
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| Shares: | 94 million
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| Price: | A$0.47
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| Warrants: | No
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| Placement agents: | Euroz Securities Ltd. and Beaufort International Associates Ltd.
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| Announcement date: | March 17
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| Settlement date: | March 24 (for first tranche), April 24 (for second tranche)
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| Stock symbol: | Australia: NXS
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| Stock price: | A$0.575 at close March 17
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