By Devika Patel
Knoxville, Tenn., Dec. 17 - Target Energy Ltd. said it will raise A$2.55 million in a private placement of shares.
The company will sell 10.2 million ordinary shares at A$0.25 each, along with one attaching option for every four shares. The options are exercisable at A$0.25 each.
Intersuisse Ltd. managed part of the deal.
Proceeds will be used for resource delineation drilling and economic assessment at the company's Conrad Silver project.
Based in Perth, Western Australia, Target Energy is a petroleum exploration and production company.
| Issuer: | Target Energy Ltd.
|
| Issue: | Ordinary shares plus one attaching option for every four shares
|
| Amount: | A$2.55 million
|
| Shares: | 10.2 million
|
| Price: | A$0.25
|
| Options: | One for every four shares
|
| Option strike price: | A$0.25
|
| Manager: | Intersuisse Ltd.
|
| Pricing date: | Dec. 17
|
| Stock symbol: | Australia: TEX
|
| Stock price: | A$0.25 at close Dec. 17
|
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