Lion obtains lower than expected funds
Wednesday, December 21 2016 - 04:43 AM WIB
By Romel S. Gurky
ASX-listed Lion Energy Limited said on Wedneday that it has only received funds for an additional A$50,000 in the placement announced December 9.
Therefore, the company said in a statement that is only issuing an additional $50,000 worth of ordinary shares, bringing the total raised to $650,000. Lion previously said it expected additional funds of up to $100,000.
?We remain encouraged by the ongoing support of our shareholders and look forward to drilling the exciting Amanah Timur-1 well in South Block A PSC in the Aceh Province,? Lion CEO Kim Morrison said in the statement.
Editing by Reiner Simanjuntak