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Sydney, Nov 18, 2011 (ABN Newswire) - ADX Energy Limited (
ASX:ADX) is pleased to announce the completion of a placement of 25,000,000 new shares at 8 cents per share to raise gross proceeds of A$2,000,000.
The funds raised in conjunction with the Company's current cash resources will primarily be used to fund the Company's exploration work programs in Tunisia and Romania as well as to augment working capital.
ADX currently has 411,127,993 shares on issue. The Placement is unconditional and will settle on Wednesday 23 November 2011. After settlement and issue of new shares the Company will have 436,127,993 shares on issue. Patersons Securities Limited ("Patersons") was the lead manager for the placement.
A Share Purchase Plan (SPP) will be offered to existing shareholders for 12,500,000 new shares at 8 cents per share to raise up to A$1,000,000. The record date for the SPP is 17 November 2011. Further details in relation to the SPP will be announced in the near future.
ASX:ADX) is pleased to announce the completion of a placement of 25,000,000 new shares at 8 cents per share to raise gross proceeds of A$2,000,000.The funds raised in conjunction with the Company's current cash resources will primarily be used to fund the Company's exploration work programs in Tunisia and Romania as well as to augment working capital.
ADX currently has 411,127,993 shares on issue. The Placement is unconditional and will settle on Wednesday 23 November 2011. After settlement and issue of new shares the Company will have 436,127,993 shares on issue. Patersons Securities Limited ("Patersons") was the lead manager for the placement.
A Share Purchase Plan (SPP) will be offered to existing shareholders for 12,500,000 new shares at 8 cents per share to raise up to A$1,000,000. The record date for the SPP is 17 November 2011. Further details in relation to the SPP will be announced in the near future.
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About ADX Energy Limited
The company's strategy is two pronged; grow the European and North African oil and gas business in order to expose shareholders to the lucrative European energy market and to promote it's existing Australian energy, gold and base metal portfolio to capitalise on the current high commodity price environment.
ADX was incorporated in 1987 in order to explore for gold and base metals in Western Australia. The company has recently diversified from its initial minerals focus to include oil and gas exploration. To that effect ADX farmed in PEL 182 into the South Australian portion of the Cooper Basin in 2005.
ADX appointed Wolfgang Zimmer, an oil and gas industry professional with over 27 years experience, as Managing Director in late 2007 to grow the company’s oil and gas business. Subsequent director and staff appointments and the establishment of a European office have boosted the depth of oil and gas experience in the company and allowed the company to expand its oil and gas activities.
Currently ADX operates permits onshore and offshore Tunisia, offshore Italy and onshore Australia and holds an interest in a non operated block in onshore Romania.
ADX is also a participant and operator of a number of AMI's (Area/s of Mutual Interest) that enable it and its partners to efficiently act upon business opportunities.
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