PERTH (miningweekly.com) – Energy developer Carnarvon Energy has successfully completed its A$70-million capital raise a day after announcing it.
Carnarvon said on Tuesday that more than 234.8-million shares would be issued at an offer price of 30c a share.
The new shares are expected to settle on April 4, with allotment on April 5.
“Carnarvon is delighted with the successful outcome of the placement and the support received from new and existing shareholders. The proceeds will be used to bring the Dorado liquids development to a final investment decision in 2022 and to test the tie-in potential close to the Dorado development, which includes the upcoming Apus-1 well and recent Pavo-1 oil discovery,” Carnarvon MD and CEO Adrian Cook said.