- Vintage Energy (VEN) raises $3.44 million through an oversubscribed share purchase plan (SPP)
- The funds raised will mostly be used to fund exploration and appraisal activities
- The company was originally aiming to raise $2 million but has elected to accept all eligible applications
- VEN will issue about 40.5 million new shares at a price of $0.085 each
- Shares were in the grey at 8.4 cents
Vintage Energy (VEN) has raised $3.44 million through an oversubscribed share purchase plan (SPP).
The company was originally aiming to raise $2 million but has elected to accept all eligible applications.
VEN will issue about 40.5 million new shares at a price of $0.085 each.
In total, the company has raised $12 million from the SPP and a placement that was completed last month.
The funds raised will mostly be used to fund exploration and appraisal activities.
This includes Odin-1 completion and tie in to the Moomba gas gathering network, drilling of the Cervantes oil project, and marketing and engineering studies related to the Nangwarry field in the Otway Basin.
Managing Director Neil Gibbins said he is thrilled by the strong support.
“The shareholder response to the SPP is an outstanding vote of confidence in the company and an extensive and promising program of well completions, tie-ins, seismic
acquisition and drilling,” he said.
“The team is focussed on meeting the milestones enabled by the equity raising and our non-equity initiatives, such as the recently announced $10 million debt facility and Heads of Agreement with AGL.”
The new shares will begin trading on Monday.
Shares were in the grey at 8.4 cents each at 2.40 pm AEDT.