The placement to certain Mitra shareholders at C$0.45 per subscription receipt has a targeted closing date of 19 October 2016, with Macquarie Capital Markets acting as lead agent and FirstEnergy Capital and Peel Hunt as co-agents.
Mitra said proceeds will be used to finance the US$10 million purchase of the Stag field from Quadrant Energy and Santos; a US$10million bank guarantee or letter of credit for a key Stag contractor; further appraisal and infill drilling at Stag, and working capital.
