WHL Raises Cash for Seychelles Exploration
WHL Energy Ltd, an ASX listed oil and gas company, has resolved to raise up to approximately $7.940 million through the placement of up to 180,450,000 ordinary shares at 4.4 cents per share to Australian and International institutions along with sophisticated and professional investors (“the Placement”).
WHL Energy received very strong support for the Placement from many Australian and International institutions. Lead manager for the capital raising was Hartleys Limited with co- manager GMP Securities.
Commenting on the success of the Placement, WHL Energy’s Managing Director Steve Noske stated: “The strong support for the Placement from institutions demonstrates the significant level of investor interest in WHL Energy. Our Board viewed the Placement of shares to Australian and International institutions as a significant step in raising the Company’s wider investor profile. The Company is now fully funded through the 2012 forward work program in the Seychelles which includes 2D infill seismic to firm up preferred prospects for drilling in 2013. Whilst our partnering discussions in the Seychelles remain on track, the strengthening of the Company’s funding position supports these discussions”.
WHL Energy Ltd is an emerging oil and gas exploration company focussed on the East African region. The company’s “flagship” asset is a large petroleum exploration acreage position, held at 100% equity, offshore the southern coast of the Republic of the Seychelles.
Source: WHL Energy, April 5, 2012