capital raising

Looks like P Briggs is offering existing 'sophisticated' WGP investors the option to further dilute our shareholdings..

I question- why would sophisticated investors be anywhere near this dog???

Share Placement to raise $930,000.00
Date: 17th November 2008
To: Companies Announcement Office, ASX
By Electronic Lodgement Number of Pages: 1
The Directors of Westralian Gas and Power Limited wish to announce details of a
proposed invitation to existing shareholders who are also sophisticated investors
to apply for a Share and Option Placement to raise $930,000.00, subject to
relevant approvals at the Annual General Meeting of shareholders 25th November
2008 (“AGM”). This will provide the company with further working capital and
funds to apply for oil and gas permits.
WGP wishes to place 30 million fully paid shares at an issue price of $0.03
(3 cents) each, with each share having an attaching option to be issued at $0.001
(0.1 cents), the exercisable at $0.05 (5 cents) expiring on 1st October 2011.
Funds raised under the placement will be used to meet the company’s ongoing
working capital requirements and place the company into a position where it can
consider new opportunities to add to it’s existing group of exploration assets.
To date the company has successfully joint ventured it’s major exploration assets
allowing WGP a free carry to the bankable feasibility stage prior to production.
These assets are the company’s 4000 (approx) square kilometres of on-shore
Western Australian Coal and Coal Seam Methane prospects, which are the
subject of the recently announced Joint Venture arrangement with the Oswal
Group (see announcement dated 30th October 2008) and the company’s offshore
assets which are the subject of a farm-in agreement signed with Roc Oil
Ltd and announced on 4th September 2007.
WGP’s oil exploration project in Kentucky is owned and operated by wholly
owned subsidiary Sunset Energy LLc which is producing oil revenue.
WGP is now considering new exploration opportunities available to it which if
taken up will expand the company’s focus on Western Australia’s energy needs.
Peter Briggs
Executive Chairman