Arc gets placement away @ 36 cents

Arc has replenished its warchest after raising $2.88 million in a placement to clients of broking firm Euroz. The eight million shares will be issued on 1 August at 36 cents.

Arc said the funds would be used for the evaluation of the Hovea 1 and 2 oil and gas discoveries.

"The additional costs to complete the Hovea 2 well plus the costs of the deepening and possible sidetracking of Hovea 3, together with ARC's philosophy of maintaining a conservative approach to its cash position makes this placement a prudent course of action at this time," said the company.