investors, page-59

Marion Energy Limited (MAE) has raised $15 million in a placement via the issue of 17.442 million shares at $0.86 per share. The group said the amount and timing of the placement were determined by the company’s capital requirements to adequately fund its strategically driven operational program over the coming months. The placement proceeds will be applied to a near term well drilling program at the firm’s Clear Creek and Helper projects at Utah, USA.

The company said it believes that successful completion of the well drilling program will result in significant additions to total reserves and equally importantly, will result in the total reserves having a significantly higher percentage of 1P reserves.


- egoli.com.au



cheers.

PS: "significantly higher percentage of 1P" sounds sweet to me. Now that will be the rocket under the shareprice.
You gotta be in it to win it...