NDO 0.00% 9.8¢ nido petroleum limited

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    Nido Petroleum to raise $19m
    Email Print Normal font Large font December 7, 2005 - 7:44PM

    AdvertisementNido Petroleum says it will raise $19,050,000 before costs via the issue of 127 million shares at a price of $0.15 per share.

    Perth-based Nido will initially issue 95,257,000 shares under its 15 per cent placement facility with the balance being issued subject to shareholder approval.

    The new issue was heavily oversubscribed and shares will be primarily placed to a wide range of Australian and international institutions including the United Kingdom, USA, Hong Kong and Australia.

    The placement proceeds will be applied toward three different areas of the company's business including the Galoc oil project, seismic and/or other exploration activities and general working capital.

    The raising will also be used for potential future transactions.

    Nido shares closed unchanged at 16.5 cents on Wednesday.

    © 2005 AAP
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