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Maverick Drilling and Exploration Limited (ASX:MAD) has successfully completed a $50 million placement to fund its development and exploration program.



The exploration company made the placement to institutional and sophisticated investors at $1.02 per share.



The placement was split into a conditional and unconditional tranche of $25 million each with the conditional tranche being subject to shareholder approval at their general meeting next month.

In the first half of its 2012 financial year Maverick generated a net profit of $3.8 million.