Successfully Completes Balance of Placement
Brisbane, Feb 22, 2013 AEST (ABN Newswire) - Pryme Energy Limited (
ASX:PYM) is pleased to announce that it has raised $987,000 through a private placement of 12.34 million new ordinary shares, at a price of $0.08 per share (the Placement). The Placement represents the balance of the securities available and that can be issued under the Company's 15% issue capacity in accordance with ASX Listing Rule 7.1.
"The placement is the second and final part of an issue of shares we made in December 2012," said Justin Pettett, Pryme's Managing Director.
Use of Proceeds
Proceeds from the Placement will be utilised for general working capital requirements. Following the Placement Pryme's available cash balance is approximately $3.1 million. The capital structure of Pryme post the Placement is as follows:
Shares on Issue: 289,708,568
Options on Issue: 9,521,250
The options on issue are unlisted with an expiry date of 30 November 2013 and an exercise price of A$0.15 per option.
About Indago Energy Ltd
Indago Energy Ltd (ASX:INK) (OTCMKTS:POGLY) is an Australian listed company engaged in oil and gas exploration, development and production. Indago's project portfolio includes liquid rich producing assets together with substantial oil development and exploration acreage in the United States.
The Company's Exploration and Production focus is on high growth oil and gas projects offering scalability of production, cash flows and reserves. Indago currently has several producing projects together with a significant acreage position. The Company's immediate focus is the development of its Capitola Oil Project located in an active region of the Cline Shale resource play along the Eastern Shelf of the Permian Basin, Texas. The project's core development and exploitation opportunities are shallower multiple "stacked" sandstones and limestones to depths of 7,000 feet which are effectively produced from vertically drilled wells. Indago's value driven model is executed through exploiting shallower, well defined intervals with advanced completion and stimulation technology within known produced oil fields together with exposure to the emerging Cline Shale resource play.
Indago's shares are publicly traded on the Australian Securities Exchange (ASX ticker: INK) and also as American Depositary Receipts on the OTCQX (ADR ticker: POGLY).
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