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Marenica Energy Ltd's share purchase plan exceeds underwriting

Wednesday, 16 Jul 2014 02:11am EDT 

Marenica Energy Ltd:Says that its recent capital raising exceeded expectations, raising A$400,000.Capital raising allowed existing eligible shareholders to subscribe for new fully paid ordinary shares in the company at an issue price per new share of A$0.0016.Funds raised through capital raising will be used for working capital purposes whilst Marenica embarks on its strategy to commercialise U-pgrade.Capital raising was through share purchase plan which was strongly supported by Marenica directors and management with all Australian based directors and CEO taking up their full entitlement.Plan was underwritten to A$300,000 by Marenica's CEO, Murray Hill, and consultant strategic advisor, John Sestan.Plan was oversubscribed by $77,500 above A$300,000 underwriting.Additional A$22,500 has been raised from existing shareholders pursuant to a placement at same issue price made in accordance with section 708 of Corporations Act. 

Company Quote

20 May 2016