Widespread Energy raises $198,200 in private placement
28 January 2010
NZX Market Announcement
Widespread Energy Raises $198,200 in Private Placement to Fund Kotuku Exploration Bore
The Board of WEN is pleased to advise that it has today placed 1,651,667 new shares to qualified investors to raise $198,200 in new capital. These shares were placed at the current market price of WEN shares, being $0.12 per share.
As advised in the WEN market announcement of 15 January 2010, WEN is planning to drill a stratigraphic bore near the Kotuku oil seeps in its 100% held petroleum exploration permit (PEP 38560). The capital raised from this placement will be used to finance this work.
Particulars of the placement under NZAX Listing Rule 7.11.1 are set out below.
In addition, the investors in the placement have agreed to subscribe for a further 1,651,667 shares should Crown Minerals grant to WEN a prospecting license over the Chatham Rise in the next twelve months. The issue price for such placement will be determined at a future date with reference to the market price of WEN shares at that time. It is likely that WEN will also undertake an offer to all existing shareholders at or around such time to give the opportunity to all shareholders to participate.
For and on behalf of the Board
Widespread Energy Limited
Chris Castle
Director
Particulars of Allotment:
|
Class of security: |
Ordinary Shares |
|
ISIN: |
NZWENE0003S0 |
|
Number issued: |
1,651,667 |
|
Issue price: |
$0.12 per share |
|
Payment in cash: |
Yes |
|
Fully paid: |
Yes |
|
Percentage of class: |
9.75% |
|
Purpose of the issue: |
Funds raised will be applied towards financing the drilling of a stratigraphic bore near the Kotuku oil seeps in the Company’s 100% held petroleum exploration permit (PEP 38560) |
|
Authority for the issue: |
Directors Certificate |
|
Date of issue: |
28 January 2010 |
|
Total number of securities on issue following allotments: |
18,585,443 ordinary shares |
