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Petrel Energy Ltd Announces Share Purchase Plan

Tuesday, 2 Apr 2013 01:38am EDT 

Petrel Energy Ltd announced a share purchase plan (SPP) to raise funds for the purpose of funding its Cardium acquisition announced on March 27, 2013; further exploration on its Uruguay and Texas concessions; and to provide general working capital. The SPP will provide shareholders who at the record date on March 28, 2013 have a registered address in Australia or New Zealand (Eligible Shareholder), the opportunity to subscribe for up to a maximum of A$15,000 worth of ordinary shares in PRL at 8.5c per share. The 8.5c issue price will be a 15% discount to the last ASX traded price of PRL shares on 26 March 2013 and a 15.6% discount to the volume average market price of shares traded in the ordinary course on ASX in the five trading days up to the date of this announcement. The SPP issue price is the same price that was offered to placees under the share placement announced on April 02, 2013. The placement shares which are subject to shareholder approval and the SPP shares are to be allotted on May 08, 2013 or as soon as practicable afterwards. The maximum number of PRL shares that will be issued under the SPP is 35,294,117 shares being a total capital raising of up to A$3,000,000. Hence the number of PRL shares to be issued under the SPP will not be greater than 30% of the number of PRL shares on issue at the record date. If an over subscription for shares occurs by the closing date, the directors of PRL will, in their absolute discretion, scale back some or all applications. 

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26 Nov 2014