By Sheri Kasprzak
New York, Dec. 7 - Nido Petroleum Ltd. said it intends to raise A$19.05 million from a private placement.
The offering includes 127 million shares at A$0.15 each to institutional investors in Australia, the United Kingdom, the United States and Hong Kong.
The deal will close in two tranches. In the first tranche, the company will issue 95,257,000 shares. The second will close upon shareholder approval.
Patersons Securities Ltd. is the placement agent.
Proceeds will be used for planning on the Galoc project, working capital and future transactions.
Based in West Perth, Western Australia, Nido is an oil and natural gas exploration company.
| Issuer: | Nido Petroleum Ltd.
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| Issue: | Stock
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| Amount: | A$19.05 million
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| Shares: | 127 million
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| Price: | A$0.15
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| Warrants: | No
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| Placement agent: | Patersons Securities Ltd.
|
| Pricing date: | Dec. 7
|
| Stock price: | A$0.165 at close Dec. 7
|
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