Placement to Raise $1.02 Million
Perth, Oct 16, 2013 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) is pleased to announce that it has resolved to raise $1.02 million pursuant to the issue of 60 million shares at 1.7 cents per share to one institutional investor ("Placement"). The Placement will be made under the Company's ASX Listing Rule 7.1 15% capacity.
The funds raised, in conjunction with the Company's current cash resources, will be used to fund the Company's general exploration expenditures and for working capital purposes.
ADX Energy Managing Director Wolfgang Zimmer said "we are very pleased to bring this institutional investor onto the register and have their support for our active program over the next couple of years".
The Placement is scheduled to settle on 21 October. After settlement and issue of new shares the Company will have 545,367,175 shares on issue.
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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