Perth, Australia (ABN Newswire) - Carnarvon Petroleum Limited ("Carnarvon" or "the Company") (ASX:CVN) (OTCMKTS:CVONF) is pleased to advise it has successfully completed a Share Purchase Plan ("SPP") to raise $4 million as part of the Company's $20 million capital raising announced on 11 May 2018.
Strong support from shareholders resulted in the SPP being oversubscribed with applications in excess of $4 million. A scale back of shareholders applications will be made on a pro-rata basis. Excess funds will be returned to applicants as outlined in the SPP offer documentation.
All shares issued under the SPP rank equally with existing Carnarvon shares.
As previously outlined, the remaining key dates for the SPP are as follows:
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Event Date
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Allotment Date Wednesday, 6 June 2018
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Dispatch of holding statements /
confirmation advices Friday, 8 June 2018
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About Carnarvon Petroleum Limited:
Carnarvon Petroleum Limited is an oil and gas exploration company, listed on the Australian stock exchange (ASX:CVN), Frankfurt (FRA:CJB) and US OTC (OTCMKTS:CVONF). Carnarvon has an extensive acreage position in the North West Shelf of Western Australia that is designed to offer investors high alpha leverage to the energy sector. The company's near term focus is on maturing oil, gas and condensate discovered in its Phoenix project, with partner Quadrant Energy, and on bringing into production oil from the Buffalo field.
Source:
Carnarvon Petroleum Limited
Contact:
Investor inquiries:
Thomson Naude
Company Secretary
Phone: +61-8-9321-2665
Email: investor.relations@cvn.com.au
Media inquiries:
Luke Derbyshire
Managing Director
Spoke Corporate
Phone: +61-488-664-246
Email: luke@spokecorporate.com
Source: ABN/Asia Business Newswire
(June 3, 2018 - 7:46 PM EDT)
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