Kinetiko Energy Secures $5m from South African institution
- Australian gas explorer and developer Kinetiko Energy (KKO) receives firm commitments from a private South African institution to raise $5 million
- The commitment comes from Phefo Power for a placement that will see roughly 56 million shares be issued at 9 cents each
- Phefo Power also has the option to subscribe for a further $R30 million ($2.6 million) worth of fully-paid ordinary shares
- Kinetiko will use the money to speed up its exploration strategy and joint venture obligations with the IDC of South Africa to co-develop a gas production field
- Shares in Kinetiko have ended the day up 4.28 per cent on the market to close at 9.8 cents
