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Article: Otto Energy Limited (ASX:OEL) Quarterly Activities Report For June 2009
- Article from:
- abnnewswire.net
- Article date:
- July 31, 2009
- Author:
CopyrightCopyright 2009 ABN Newswire. (Hide copyright information)
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Otto Energy Limited (ASX:OEL)(PINK:OTTEF) raised approximately A$26.3 million (before issue costs) during the quarter through a two tranche capital raising comprising a share placement and pro-rata entitlement issue to shareholders.
Under the share placement the Company issued approximately 72.4 million shares at A$0.07 per share to raise approximately A$5.1 million. The shares were issued to two of the Company's major shareholders Santo Holdings AG and Molton Holding Ltd and to Otto Directors (following shareholder approval).
The Company also undertook a 3 for 4 pro-rata entitlement issue offering existing shareholders the opportunity to subscribe for additional shares at A$0.05 per share. ...