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Friday, December 13, 2013
Kinetiko Energy successfully completed a placement to institutional and sophisticated investors to raise gross proceeds of approximately $1.7 million. Proceeds from the placement will be used to fund the company’s pilot five spot production field and core hole drilling programs at the Amersfoort Project, structural studies, and investment in the preliminary appraisal of its Technical Cooperation Permits and additional working capital.
The placement was priced at 15.0 cents per share, representing a 22% discount to the five-day volume weighted average price and will result in the issue of approximately 11.34 million new shares.
Kinetiko’s MD Andrew Lambert, commented, “This capital raising enables us to drill and appraise a small pilot test field (up to 5 wells) on the Amersfoort Project, following a technical review by mid January. If these wells are successful, the Company should secure early monetization and maiden 3P reserves, which will set the Amersfoort Project on a rapid path towards commercial production planning.”
Argonaut acted as sole lead manager to the placement. Settlement of the placement is expected to occur on December 19 with quotation of the new shares expected the next day.
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