Peako Ltd (ASX:PKO) formerly Peak Oil and Gas is a diversifed energy company with oil and gas exploration assets in the Philippines and Indonesia. It also holds uranium assets in Australia.
Peak Oil and Gas (ASX: PKO) is raising up to $2.4 million to fund its exploration commitments in the South Block A production sharing contract in North Sumatra, Indonesia.
Octanex (ASX: OXX) is fully underwriting Peak’s pro-rata non-renounceable rights issue priced at $0.01 each while all of the company’s directors intend to take up their full entitlements.
The two companies are also working towards a merger that would be implemented by a Scheme of Arrangement.
This will be submitted to Peak shareholders in the first quarter of this year and will see Peak shareholders exchange their shares for Octanex shares.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.