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.
Arc gets placement away @ 36 cents
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Mkt cap ! $46.40M | |||
| Open | High | Low | Value | Volume |
| 38.0¢ | 39.0¢ | 38.0¢ | $47.98K | 126.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 48770 | 38.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 39.0¢ | 4863 | 1 |
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| Last trade - 16.10pm 22/11/2019 (20 minute delay) ? |
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38.0¢ |
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| Open | High | Low | Volume | ||
| 38.0¢ | 38.0¢ | 38.0¢ | 10303 | ||
| Last updated 15.51pm 22/11/2019 (live) ? | |||||
| ARQ (ASX) Chart |