Lion obtains additional funds
Saturday, December 10 2016 - 03:42 AM WIB
ASX-listed Lion Energy Limited announced Friday it has received strong demand from sophisticated investors and has accepted applications for an additional A$100,000 of ordinary shares received today, bringing the total raised to A$700,000.
Kim Morrison noted that ?We are encouraged by the demand from investors and look forward to drilling the exciting Amanah Timur-1well in the South Block A PSC in Aceh Province and executing our growth plans in 2017.?
Lion said Tuesday it has completed a successful capital raising to sophisticated investors and management which has raised A$600,000 before costs.
The firm said it planned to spud the Amanah Timur-1 well on December 12.
Editing by Reiner Simanjuntak