Quest says shortfall placement completed
Wednesday, January 23 2013 - 02:29 AM WIB
ASX-listed firm Quest Petroleum NL announced the completion of the placement of a further 263,530,443 shares, together with one free attaching listed QPNO option for every two new shares subscribed, pursuant to the Entitlement Issue (Shortfall Placement).
The shares and options placed represent the total shortfall from the Entitlement Issue not taken up by shareholders, the company said in a press statement on Tuesday.
The allotment of the Shortfall Placement was completed on 22 January 2013.
The funds raised pursuant to the Entitlement Issue are planned to be used on the drilling program at the Company?s Ranau Projects in South Sumatra.
On 14 November 2012, the company announced a fully underwritten non-renounceable entitlement issue on the basis of one (1) share for every six (6) shares held together with one (1) free attaching option for every two (2) new shares issued at an issue price of 0.6 cents per share to raise $2,461,732.
The options are free attaching listed QPNO options exercisable at 1.5 cents on or before 30 June 2016.
The Entitlement Issue was fully underwritten by Cannacord Wealth Management and Etchell Capital Pty Ltd.
Editing by Benget Besalicto Tnb