Placement of Share Purchase Plan Shortfall
Sydney, Dec 4, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to announce it has agreed to place the shortfall shares (SPP Shortfall) resulting from the Share Purchase Plan (SPP) announced on 17 October 2012. The SPP, which was capped at $2.5 million to existing shareholders closed on 20November 2012.
The placement of the SPP Shortfall will be to institutional and sophisticated investors that have firm bids in place. Once settlement occurs, this will result in the issue of 12,318,333 shares at $0.12 each to raise approximately $1.5 million.
Commenting on the Placement AusTex's Managing Director Dan Lanskey said:
"We are pleased to have completed the balance of the $12.5 million capital raising announced in October. AusTex is now well funded to pursue an active drilling program featuring both horizontal and vertical wells targeting the light oil sweet spot of the Mississippi Lime Play. The support shown by new and existing institutional investors is a strong endorsement of our growth strategy, and it gives us the financial flexibility to ramp up development activities in Oklahoma and Kansas."
GMP Securities acted as Sole Lead Manager to the Placement and the Placement of the SPP Shortfall.
An Appendix 3B and cleansing statement will be released following settlement of the SPP Shortfall which is expected to occur on Friday, 7 December 2012.
View the full AusTex Oil announcement including Appendix at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-710403.pdf
About Australian Oil Company Limited
Australian Oil Company Limited (ASX:AOK) (OTCMKTS:SGCSF) is an Australian-based energy company focused on under-explored, recently over-looked, world class oil and gas opportunities near under-supplied markets. The Company is currently focussed on conventional oil and gas exploration and production in the Sacramento Basin in California. Australian Oil has a portfolio of natural gas and oil producing wells in addition to prospects and discoveries at various exploration and appraisal stages. AOK is in the process of evaluating the acquisition of oil and gas producing and exploration assets to enhance the Company's strategic needs and deliver shareholder value.
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