By Laura Lutz
Des Moines, June 1 - Nido Petroleum Ltd. completed a private placement of shares for A$21.896 million.
The company sold 78.2 million ordinary shares to sophisticated investors in Hong Kong, the United Kingdom and Australia for A$0.28 per share.
Merrill Lynch managed the placement.
The placement fell within the company's 15% placement capacity and did not require shareholder approval.
Most of the proceeds will be used for exploration on the company's projects in the Philippines. Some of the proceeds will also be used for development and working capital.
Nido is an oil and gas exploration company based in Como, Australia.
| Issuer: | Nido Petroleum Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$21.896 million
|
| Shares: | 78.2 million
|
| Price: | A$0.28
|
| Warrants: | No
|
| Agent: | Merrill Lynch
|
| Settlement date: | June 1
|
| Stock symbol: | Australia: NDO
|
| Stock price: | A$0.29 at close June 1
|
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