Jeroboem, re “As far as we know…………I think they have given up on LAR”
12-June-2015
Entitlement Issue to Raise $5,000,000
It is noted that the Company is intending to undertake a capital raising by way of an underwritten entitlement issue to shareholders of up to 100,000,000 Shares at an issue price of $0.05 per Share to raise up to $5,000,000 (before expenses) (“Capital Raising”). The Capital Raising will be undertaken via a transaction specific prospectus pursuant to section 713 of the Corporations Act 2001 (Cth) (“Corporations Act”) (“Prospectus”)
The Company’s intended strategy, is to use funds from the Capital Raising to conduct further development activities on both its existing projects (being the North Chapman Ranch and East Texas Cotton Valley oil projects in Texas, USA and the Atzam and Tortugas oil projects in Guatemala) and on earning an initial 40% interest in Pearl (and thereby the TRR Project) and also as general working capital. The Company is in discussions with parties with interest to potentially underwrite this offer.
$500,000 Working Capital Raising Completed
The Company is also pleased to announce that it has completed a working capital placement to raise $500,000 (before costs) (“Placement”) with 10,000,000 ordinary shares at an issue price of $0.05 per share plus one free attaching option for every two shares issued (exercisable at $0.05 on or before 30 June 2017 1 ) to professional and sophisticated investors to raise $500,000 (before costs) (“Placement”).
The funds from the Placement will be used by the Company to pay ongoing operating costs, general working capital and fund estimated costs of the transaction, as set out below: - $315,000 in payment for ongoing Company operating costs and forecast expenditure on CTR’s oil and gas projects; and - $185,000 to be applied towards costs of the transaction and ongoing administration costs
http://hotcopper.com.au/threads/ann...siness.2533603/?post_id=15455340#.VbB3CqSqpBc
(20min delay)