Sydney, Australia, Dec 4, 2012 - (ABN Newswire) - AusTex Oil Limited (ASX:AOK.AX - News) (OTCQX:ATXDY - News) 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:
About AusTex Oil Limited:
AusTex Oil Limited (ASX:AOK.AX - News) (OTCQX:ATXDY - News) is an Australia-based company. The Company is engaged in the development of oil and gas leases in the United States. It produces oil and gas from leases in Oklahoma and Kansas. It is also engaged in the exploration, development and production of hydrocarbons in the United States. Its wholly owned subsidiaries include International Energy Corporation (Oklahoma), International Energy Corporation (Kansas) and Well Enhancement Services LLC. During the year fiscal year ended March 31, 2009 (fiscal 2009), the Company was engaged in the drilling of three wells on the Lancaster Lease group, Tulsa County; two wells on the Sweet Unit, Pawnee County, and one well on the BlueHawk Project in Osage County.
AusTex Oil Limited T: +61-2-9238-2363 F: +61-2-8088-7280 WWW: www.austexoil.com
AusTex Oil Limited
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