PANCONTINENTAL ENERG

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Pancontinental Oil & Gas NL announced that it expects to receive AUD 1.037507 million in funding

08/19/2021 | 12:00am
Pancontinental Oil & Gas NL announced a private placement of 1,037,507,325 shares at a price of AUD 0.001 for gross proceeds of AUD 1,037,507.325 on August 19, 2021. The transaction will include participation from sophisticated and professional investors. The transaction will be undertaken in two tranches. The first tranche is not subject to shareholder approval. The first tranche of the placement, comprising 917,507,325 shares for AUD 917,507.325 will close on August 25, 2021 and second tranche comprising 120,000,000 Shares for AUD 120,000 will be allocated to directors including David Kennedy for AUD 100,000, Barry Rushworth for AUD 10,000 and Marie Malaxos for AUD 10,000. The issue of shares to directors will be under the same terms and conditions as participants in the placement. The proposed issue to directors will be subject to shareholder approval. The shareholders meeting to approve the issue to directors is expected to be held in September with settlement and dispatch of holding statements expected two days after.
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