spp allocation, page-31

Announcement out!!!!

Texon Petroleum Ltd advises that the Share Purchase Plan (SPP) which was announced on 4 March and closed on 6 April has raised $23.7m. Shareholders applied for 36.5m shares at an issue price of 65 cents which was discounted by 14.7% to the average of the closing prices of Texon?s shares over the last five trading days before the announcement made on 23 February 2011. The offer was underwritten by RBS Morgans up to $10.5m.

In view of the opportunities available to the Company, the Directors resolved to accept all shareholder applications raising significantly more than the underwritten amount.

And there it is .... they're keeping all of it