By Devika Patel
Knoxville, Tenn., May 28 - Nido Petroleum Ltd. said it will raise A$41.25 million in a private placement of stock.
The company plans to sell 82.5 million shares at A$0.50 apiece.
The deal was jointly arranged by CLSA Asia-Pacific Markets and Merrill Lynch.
Settlement is expected June 2.
Proceeds will be used for drilling and to meet Nido's working capital requirements.
Nido is an oil and gas exploration company based in Como, Australia.
| Issuer: | Nido Petroleum Ltd.
|
| Issue: | Stock
|
| Amount: | A$41.25 million
|
| Shares: | 82.5 million
|
| Price: | A$0.50
|
| Warrants: | No
|
| Agents: | CLSA Asia-Pacific Markets, Merrill Lynch
|
| Pricing date: | May 28
|
| Settlement date: | June 2
|
| Stock symbol: | Australia: NDO
|
| Stock price: | A$0.495 at close May 28
|
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