Oil Basins (ASX:OBL) has raised $437,500 through a placement of shares for general working capital purposes and to maintain or assist its leverage to attractive and highly prospective assets within its portfolio.
Notably, the placement of 35 million shares to professional investors was priced at $0.0125 each, a 35% premium to its recent trading price.
The company was recently granted petroleum exploration permit EP487 and has started initial work.
It has also finalised all environmental submissions relating to the Backreef Area.
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