Completion of Capital Raising via Placement
Sydney, Aug 22, 2012 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) is pleased to announce the completion of a placement to sophisticated investors eligible under s.708 of the Corporations Act (2001) of 47,058,825 new shares at 1.7 cents per share to raise $800,000.
The funds raised in conjunction with the Company's current cash resources will primarily be used to fund the Company's working capital requirements. ADX planned exploration operations in Romania are expected to be funded via the existing farm out to RAG announced on 23 May 2012. The Company's planned appraisal of the Dougga discovery and the drilling of compelling 3D defined near field exploration prospects in the Sicily Channel, is expected to be funded via future farm outs.
The Placement is unconditional and will settle on Monday 27 August. After settlement and issue of new shares the Company will have 485,367,175 shares on issue. Patersons Securities Limited ("Patersons") was the Lead Manager for the placement.
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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