Completion of Placement to Raise $750,000
Perth, Oct 14, 2014 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) (ADXRF:OTCMKTS) is pleased to announce the completion of a placement of 83.3 million new shares at 0.9 cents per share to raise gross proceeds of $750,000.
The funds raised in conjunction with the Company's current cash resources will primarily be used to fund the Company's exploration work programs in Tunisia and Romania as well as to augment working capital.
ADX currently has 545,367,175 shares on issue. The Placement is unconditional and is expected to settle on Monday 20 October 2014. BBY Limited ("BBY") was the lead manager for the placement.
A Share Purchase Plan (SPP) will be offered to existing shareholders for 27.8 million new shares at 0.9 cents per share to raise up to $250,000. The record date for the SPP is 13 October 2014. Further details in relation to the SPP will be announced today.
About ADX Energy Limited
ADX Energy Limited's (
ASX:ADX) (OTCMKTS:ADXRF) is an Australian Stock Exchange (ASX) listed International Energy Explorer which is soon to become a Producer. The Company's Geographical focus is Onshore Europe and Offshore Mediterranean with a portfolio consisting of recently acquired Production as well as Appraisal, Development and Exploration Assets. ADX's interests are located in Romania, Italy, Tunisia and most recently Austria. The Company's immediate focus is on low cost, low risk, profitable resource commercialisation opportunities onshore and higher cost higher reward offshore projects in the longer term. The Company is headquartered in Perth, Western Australia with additional operating offices in Bucharest (Romania) and soon to be Vienna (Austria). The Company also has representative offices in Italy and Tunisia.
ADX Energy's vision is to establish a stable cash producing platform onshore Europe and develop a number of rapid resource to reserves opportunities as well as low risk exploration potential with access to infrastructure in favourable fiscal and operating environments.
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