capital raising

they should have enough cash, I would much prefer if they had waited till after flow testing when they may have potentially placed at a much higher level.


Share Placement
Eureka is pleased to announce that it has agreed the placement of 9,375,000 shares at an issue price of $0.32 per share to raise $3,000,000, before the costs of the issue.
Funds raised from this issue will be applied towards the Sugarloaf project including drilling activities and for general working capital.
The placement shares will be issued to professional and sophisticated investor clients of Bell Potter Securities Limited, Stripe Capital (corporate authorised representative of Australian Stockbroking and Advisory Services Ltd) and Tolhurst Noall Ltd.
Shareholder approval is not required for the placement, which is within the 15% limit available to the Company under Listing Rule 7.1.
Eureka requests that, following lodgement of this announcement with ASX, the trading halt on the Company’s securities be lifted.
Yours faithfully
EUREKA ENERGY LIMITED
Alex Neuling
DIRECTOR