Drillsearch Energy Limited (DLS) is pleased to announce that it will make a non- renounceable rights issue of one (1) share for every four (4) shares to all shareholders at an issue price of ten cents ($0.10) per new share to raise up to $11.66 million.
The offer is not underwritten. Instead directors have decided as with the recent successful share purchase plan to encourage support of the issue by providing a 2% stamping fee for brokers and licensed advisors who assist their clients to participate in the issue. The directors of Drillsearch reserve the right to issue the shortfall at their discretion.
This rights issue will entitle all shareholders to participate on highly attractive terms in the on going development of Drillsearch, principally: The Marina 1 well offshore Bonaparte Basin a joint venture between Drillsearch and ExxonMobil, which is due to spud this month; Additional exploration and development drilling under the Cooper Project in 2008; For exploration and development of the Turtle-Barnett oil appraisal project; and, A number of other additional exciting opportunities currently under consideration by the Drillsearch board.
DLS Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
