Highlights ❖ Successful completion of A$11.8 million Placement to new and existing institutional and sophisticated investors. ❖ Funds raised to be applied to drilling and completion of 5 new vertical production wells at Glenaras to accelerate pressure drawdown and gas production. ❖ Directors intend to invest a further A$440,000, subject to shareholder approval on the same terms as the Placement. ❖ Directors intend to announce a share purchase plan to raise A$3 million on the same terms as the Placement.
Commenting on the outcome of the Placement, Managing Director David Casey said “The strong demand for the Placement is a very positive and encouraging endorsement of the Glenaras Gas Project and Galilee’s strategy of becoming a significant gas supplier into the east coast gas market. Galilee is particularly delighted to welcome a number of high-quality institutions to the register as well as gratefully acknowledging the continued support of our existing shareholders.”
