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IPB Petroleum (ASX:IPB) – A$1.15m Placement

Posted by Julian Beare in News | Posted on 31st Oct 2014 | 0 comments

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.

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