AusTex raising Mississippi Lime funds

Mississippi Lime: AusTex is raising up to A$12.5 million to fund its appraisal and development activities

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Josh Lewis

 17 October 2012 03:32 GMT

Australia’s AusTex Oil is looking to raise up to A$12.5 million (US$12.9 million) to help fund appraisal and development activities on its acreage in the Mississippi Lime play in Oklahoma.

The company intends to raise an initial A$10 million through the placement of about 83.3 million new fully paid ordinary shares at a price of A$0.12 per share.

The remaining A$2.5 million will be raised through a share purchase plan of up to A$15,000 per eligible share holder at the issue price.

The placement will be carried out in two tranches, with the first tranche of 29.3 million shares expected to settle on 24 October, while the second tranche of 54 million shares will be subject to shareholder approval that will be sought…

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