Oil and gas explorer and producer Entek Energy (ASX: ETE) has reached an agreement to place 62.5 million shares at $0.13, to raise A$7,637,500 net of fees, primarily to Hartley’s clients.
Funds primarily will be used to fund oil and gas projects, including the Green River Basin in the United States and Galveston Block GA-A133 well in the Gulf of Mexico.
Entek said the placement was heavily oversubscribed, and will be completed in two tranches.
Tranche 1 is to comprise up to 33.5 million shares, which will be allotted immediately upon clearance of funds pursuant to Entek’s 15% placement capacity.
Tranche 2 comprises up to 29 million shares, which will be issued subject to the receipt of approval at a General Meeting of shareholders scheduled for late October 2010.
Entek shares have resumed trading, last changing hands at $0.145.