Placement of Share Purchase Plan Shortfall
Sydney, Dec 4, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to announce it has agreed to place the shortfall shares (SPP Shortfall) resulting from the Share Purchase Plan (SPP) announced on 17 October 2012. The SPP, which was capped at $2.5 million to existing shareholders closed on 20November 2012.
The placement of the SPP Shortfall will be to institutional and sophisticated investors that have firm bids in place. Once settlement occurs, this will result in the issue of 12,318,333 shares at $0.12 each to raise approximately $1.5 million.
Commenting on the Placement AusTex's Managing Director Dan Lanskey said:
"We are pleased to have completed the balance of the $12.5 million capital raising announced in October. AusTex is now well funded to pursue an active drilling program featuring both horizontal and vertical wells targeting the light oil sweet spot of the Mississippi Lime Play. The support shown by new and existing institutional investors is a strong endorsement of our growth strategy, and it gives us the financial flexibility to ramp up development activities in Oklahoma and Kansas."
GMP Securities acted as Sole Lead Manager to the Placement and the Placement of the SPP Shortfall.
An Appendix 3B and cleansing statement will be released following settlement of the SPP Shortfall which is expected to occur on Friday, 7 December 2012.
View the full AusTex Oil announcement including Appendix at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-710403.pdf
About AusTex Oil Limited
AusTex Oil Limited (ASX:AOK) (OTCQX:ATXDY) is a Public Company listed on the Australian Securities Exchange (ASX) and the OTCQX.
AusTex is focused on exploration and development of oil and gas leases in the USA. The company produces oil and gas in Oklahoma and Kansas and is currently developing producing leases in both states with interests in 11,600 net acres of oil and gas leases in the Mississippi Lime Play. The Company has net production of circa 800 boe/day with Independent 1P reserves certified at 3.505 Million BOE with NPV10 of US34.8 million as at 31 December 2015.
US operations are based in Tulsa, Oklahoma, with an office at 1801 East 71st Street. International Energy Corporation (Oklahoma) is a wholly owned subsidiary and a licensed oil and gas operator in Oklahoma and Kansas.
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