Sydney, Jan 17, 2006 AEST (ABN Newswire) - Petratherm Limited (ASX: PTR) today announced that 5.25 million ordinary shares are to be placed by Taylor Collison Ltd and Lands Kirwan Tong Stockbrokers Pty Ltd. The placement is to be made at 28 cents per share and is conditional upon Minotaur Exploration Ltd (Minotaur) exercising $500,000 of its options in Petratherm. Minotaur has advised that it intends to exercise the options subject to the escrow conditions presently in place.
After completion of the placement and Minotaur exercising its options for ordinary shares, the number of ordinary shares on issue in the Company will be 42.75 million. The Company will apply to the ASX for listing of the placement shares following which 17.5 million shares and 5 million options will be in escrow until 27 July 2006. Further information required by Listing Rule 3.10.3 for the private placement accompanies this announcement.
The funds raised will be used to develop the Paralana geothermal site where the Company has encountered what is believed to be the highest temperature gradient recorded to date in deep hot rock geothermal exploration. The first phase of this work will be to deepen the Paralana hole in order to study the temperature gradient and structural conditions at greater depth. This is currently expected to commence in March 2006.
Contact
Petratherm Ltd
Derek Carter
Chairman
Tel: +61 8 8304 8200
Fax: +61 8 8304 8201
Website www.petratherm.com.au
Email admin@petratherm.com.au
A.C.N. 106 806 884
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