NZAX-listed Widespread Energy said it has raised $198,200 by selling shares to investors at 12c each in a private placement.The money will be used to drill a bore near the Kotuku oil seeps in its 100 percent owned petroleum exploration permit PEP 38560 on
NZAX-listed Widespread Energy said it has raised $198,200 by selling shares to investors at 12c each in a private placement.
The money will be used to drill a bore near the Kotuku oil seeps in its 100 percent owned petroleum exploration permit PEP 38560 on the West Coast.
Investors in the placement have agreed to subscribe for a further 1.65 million shares should Crown Minerals grant Widespread a prospecting licence over the Chatham Rise in the next 12 months.
An offer to all existing shareholders was also likely in the future.
The company said on January 15 a rig was expected to arrive on site on or about February 15.
