Kairiki Energy Limited (ASX:KIK) Received Firm Commitments For A$6,538,000 Capital Raising
Perth, June 21, 2010 AEST (ABN Newswire) - Kairiki Energy Limited (ASX:KIK) (PINK:KAIRF) is pleased to announce that it has received firm commitments for a capital raising of A$6,538,000 by the placement of 46,700,000 ordinary fully paid shares (Shares) at an issue price of 14 cents per Share. The placement has been arranged by Southern Cross Equities Limited to professional and sophisticated investors pursuant to section 708 of the Corporations Act.
Funds raised from this issue will be used for development of our Tindalo oil project in the Philippines and for working capital purposes.
An Appendix 3B in relation to the issue of Shares will be lodged on final completion of the placement.