Metgasco Raises $5 million in ‘strongly supported’ share placement
- Metgasco (MEL) completes $5 million capital raise with funds to go towards the Cervantes-1 oil exploration well in the Perth Basin
- The issue price is also a 9.5 per cent discount to the 15-day volume-weighted average price and 6.6 per cent discount on the 30-day VWAP to February 17
- Options are to be issued to placement participants on a one-for-three basis with a strike price of 4.5 cents and an expiry date of December 10, 2024
- Proceeds from the placement will be used to fund Metgascmo’s share of the Cervantes-1 oil well cost and to strengthen the corporate balance sheet
- Shares in MEL were trading 3.23 percent lower at 3 cents
