Sydney, Australia, Dec 17, 2012 - (ABN Newswire) - Pryme Energy Limited (ASX:PYM.AX - News) is pleased to announce that it has raised $1,308,000 through a placement of 16.35 million new ordinary shares, at a price of $0.08 per share, and 8.175 million options on the basis of one free option for every two new shares. The options have a $0.15 exercise price and will expire on 30 November 2013.
The securities do not require shareholder approval as they are issued under the Company's 15% issue capacity in accordance with ASX Listing Rule 7.1.
Use of Proceeds
Proceeds from the placement will be utilised for general working capital requirements.
Following the placement Pryme's available cash balance is approximately $2.066 million.
Pryme's share of costs in respect of its interest in the Turner Bayou Chalk Project is funded under the recently announced US$100 million Term Facility with Macquarie Bank Limited.
"We are delighted by the strong level of support in the Placement from existing major shareholders and also welcome a number of new shareholders to Pryme," said Justin Pettett, Pryme's Managing Director. "We now look forward to the successful completion and flow testing of our Rosewood Plantation 21H well in early January."
About Pryme Energy Limited:
Pryme Energy Limited (ASX:PYM.AX - News) (OTCQX:POGLY - News) is an Australian company exploring for oil and gas in the Gulf Coast states of the USA. Pryme currently has three oil and gas producing projects and substantial exploration acreage. The Company's immediate focus is the development of a major phase oil Austin Chalk formation exploration and production play, with Tuscaloosa Marine Shale potential, in its Turner Bayou project in Avoyelles Parish, Louisiana. Louisiana is the fifth largest oil and gas producing state in the US.
Pryme's board of directors and management team have over 100 years of energy industry experience with extensive local knowledge underscored by proven track records. Pryme applies advanced geological science to drive early stage exploration projects through to production.
Pryme Energy Limited T: +61-7-3371-1103 F: +61-7-3371-1105 WWW: www.prymeenergy.com
Pryme Energy Limited
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