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World Oil Resources raises funds for exploration

World Oil Resources raises funds for exploration

World Oil Resources (ASX:WLR) has raised $944,500 through a placement of shortfall shares to sophisticated investors as well as loans.

This follows the company raising $1.13 million through a rights issue to shareholders priced at $0.003 per share.

WLR has been progressing its oil and gas projects in Australia and the U.S. including development of its Klick Oil Project in Kansas.

Klick is located in the middle of a vast oil and gas producing province and includes the Klick 22-1H horizontal well that has been in production since March 2011.

The company raised $479,500 through a placement of 141,949,717 shortfall shares priced at $0.003 each.

It also entered into loan and placement agreements with 2 director related entities and 2 existing shareholders for a total of $465,000.

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