IPB Petroleum (ASX:IPB) has successfully completed a placement of 3.6 million new shares at an issue price of A$0.32 per share to raise A$1.15m.
Funds will be used towards:
- Continuing IPB’s study work in its three Exploration Permits in the Browse Basin, offshore North West Australia, and potential new permit(s);
- Pursuing Farm Out activities; and for
- General working capital purposes.
Following this Placement the Company’s pro-forma cash balance will increase to approx A$3.2m.