bigdog
Retired many years ago
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Re: MEO - Methanol Australia
The Institutional and Sophisticated investors at $0.45/share are laughing all the way to the bank!!
-- what are your thoughts?
18-11-2009 09:13 AM MEO MEO completes share placement
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01012053
MEO Completes share placement to underpin exercise of WA-360-P drill/drop option
Key Points:
MELBOURNE, AUSTRALIA (18th November, 2009) MEO Australia Limited (“MEO”) advises that it has successfully placed 59,898,385 million new shares (14.35% of its issued capital) at $0.45 per share to Institutional and Sophisticated Investors as defined under Section 708 of the Corporations Act. The shares were issued within MEO’s 15% placement capacity as described under ASX Listing Rule 7.1. The placement has raised gross proceeds of approximately $27m before costs of the issue and was heavily oversubscribed. Settlement is scheduled for Monday 23rd November. MEO welcomes more than twenty new Institutional investors onto its register, together with a number of new sophisticated shareholders introduced by Joint Lead Managers E.L & C. Baillieu and Morgan Stanley Australia Securities Limited.
The funds from the placement together with existing cash reserves will underpin the financial commitment involved in the planned exercise of the drill/drop option for WA-360-P. MEO must make an irrevocable commitment to its co-Venturers by 31 December 2009 to fund the drilling of the commitment well in the permit in order to retain its 70% interest. The board of directors views this capital raising an appropriate risk management measure to provide certainty for shareholders while the WA-360-P farm-in is being finalised. Assuming the farm-in has been finalised the capital raised will be used to advance MEO’s existing projects and to secure attractive growth opportunities.
The Institutional and Sophisticated investors at $0.45/share are laughing all the way to the bank!!
-- what are your thoughts?
18-11-2009 09:13 AM MEO MEO completes share placement
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01012053
MEO Completes share placement to underpin exercise of WA-360-P drill/drop option
Key Points:
- Completes placement of 59,898,385 shares to Institutional and Sophisticated investors at $0.45/share
- Gross proceeds from placement approximately $27m before costs of the issue
- Raising underpins planned exercise of WA-360-P drill/drop option ahead of finalising farm-in
MELBOURNE, AUSTRALIA (18th November, 2009) MEO Australia Limited (“MEO”) advises that it has successfully placed 59,898,385 million new shares (14.35% of its issued capital) at $0.45 per share to Institutional and Sophisticated Investors as defined under Section 708 of the Corporations Act. The shares were issued within MEO’s 15% placement capacity as described under ASX Listing Rule 7.1. The placement has raised gross proceeds of approximately $27m before costs of the issue and was heavily oversubscribed. Settlement is scheduled for Monday 23rd November. MEO welcomes more than twenty new Institutional investors onto its register, together with a number of new sophisticated shareholders introduced by Joint Lead Managers E.L & C. Baillieu and Morgan Stanley Australia Securities Limited.
The funds from the placement together with existing cash reserves will underpin the financial commitment involved in the planned exercise of the drill/drop option for WA-360-P. MEO must make an irrevocable commitment to its co-Venturers by 31 December 2009 to fund the drilling of the commitment well in the permit in order to retain its 70% interest. The board of directors views this capital raising an appropriate risk management measure to provide certainty for shareholders while the WA-360-P farm-in is being finalised. Assuming the farm-in has been finalised the capital raised will be used to advance MEO’s existing projects and to secure attractive growth opportunities.