WestSide Corporation Limited (ASX:WCL) Successfully Completes A$56.3 Million Capital Raising
WestSide Corporation Limited (ASX:WCL) Successfully Completes A$56.3 Million Capital Raising

Brisbane, May 13, 2010 AEST (ABN Newswire) - WestSide Corporation Limited (googlechartASX:WCL) advises that it has successfully completed its capital raising program following the close of its 1-for-1 non-renounceable pro-rata entitlements issue at an issue price of A$0.45 (Offer) on Monday 10 May.

The Offer was fully underwritten and will raise A$56.3 million (before costs) through the issue of 125,116,445 new ordinary shares (New Shares). Eligible shareholders applied for 94.7% of available New Shares (including applications for New Shares in excess of entitlements), with the remaining New Shares to be allocated pursuant to the underwriting agreement.

WestSide's Chairman and Chief Executive Officer, Mr Angus Karoll, said: "We are very pleased with the result and appreciate the strong endorsement of our growth strategy by shareholders in a challenging investment market."

The funds will be used for the acquisition and development of the Dawson coal seam gas fields in the Bowen Basin.
------------------------------------------------------------                                                     Number------------------------------------------------------------New Shares taken-up by eligible shareholders     118,441,820------------------------------------------------------------Shortfall shares to be taken-up byparties nominated by WestSide to the underwriters  6,674,625------------------------------------------------------------Total                                            125,116,445------------------------------------------------------------
Applications from eligible shareholders who applied for additional New Shares in excess of their entitlements will be satisfied in full.

Allotment and issue of New Shares under the Offer will occur on 18 May 2010. The New Shares will commence normal trading on ASX on Wednesday, 19 May 2010. Holding statements will also be despatched to shareholders on 19 May 2010.

Contact

Angus Karoll
Chairman and CEO
WestSide Corporation Ltd
Ph: +61-7-3020-0900
www.westsidecorporation.com



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