UIL Energy Ltd (ASX:UIL) has raised $750,000 via a share placement to professional and sophisticated investors at $0.05 per share, to advance its Perth Basin gas and liquid projects.
The company will also allow existing shareholders to participate in a $750,000 share purchase plan on the same terms as the placement.
The new funds will allow UIL Energy to focus on the Perth Basin where it is targeting gas/liquid plays and prospects in two separate project areas.
The company’s central Perth Basin permits are interpreted to contain gas and liquids within the Jurassic age Cattamarra Coal Measures.
UIL Energy’s immediate focus is on the highly prospective Ocean Hill prospect, where the company is planning to start drilling in 2017 to follow up previously obtained positive results.
The directors of UIL Energy have committed to subscribe to a total of $150,000 of the placement.
The participants in the share placement and share purchase plan will also be offered one attaching option for each share subscribed.
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