The funds will be raised via the placement of roughly 46.9 million shares at a price of A$0.036 per share, which represents about a 17% discount to MEO’s volume weighted average price for the 10 business days up to and including 16 August.
“The placement will enable MEO to accelerate the work necessary to finalise a drilling plan for up to two wells in Block 9, onshore Cuba,” MEO managing director Peter Stickland said.
MEO
