- Global Oil & Gas (GLV) has received commitments to undertake a $1.1 million share placement
- All up, 100 million fully-paid ordinary shares will be issued to sophisticated investors at 1.1 cents
- GLV is also planning to issue 50 million free attaching options on a one-for-two basis, exercisable at 2 cents with expiring on December 15, 2022
- The company will use the funds to advance EP127 at the Georgina Basin in the Northern Territory and pursue new opportunities
- GLV is down 7.14 per cent on the market and shares are trading at 1.3 cents
Global Oil & Gas (GLV) has received commitments to undertake a $1.1 million share placement.
The company entered a trading halt on Wednesday but did not disclose how much it intended to raise or what the funds would be used for.
All up, 100 million fully-paid ordinary shares will be issued to sophisticated investors at 1.1 cents.
GLV is also planning on issuing 50 million free attaching options on a one-for-two basis, exercisable at 2 cents with expiry on December 15, 2022.
Further, 13.4 million free broker options will be issued to unrelated parties, also exercisable at 2 cents and expiring on December 15, 2022.
GLV will put the funds towards working capital, advancing EP127 at the Georgina Bain in the Northern Territory, and pursuing new opportunities in the oil and gas sector.
“It’s very pleasing to see such strong support for the placement from both existing and new shareholders as exploration work programs ramp up on both EP127 and across the recently acquired interest in Goshawk’s Canning Basin land holdings,” Director Patric Glovac said.
Shares are expected to be issued next week.
GLV is down 7.14 per cent on the market and shares are trading at 1.3 cents at 12:31 pm AEDT.