|
|
Article: SAMTAN To Invest A$22.5 Million In Bandanna Energy Limited (ASX:BND) Via A Placement Of 37.6 Million Shares
- Article from:
- abnnewswire.net
- Article date:
- September 24, 2009
- Author:
CopyrightCopyright 2009 ABN Newswire. (Hide copyright information)
|
Bandanna Energy Limited (ASX:BND) and SAMTAN Aures Pty Ltd are pleased to announce that they have signed an agreement, subject to certain conditions, which will provide for the following:
- A$22.5 million placement to be made to Korean energy company SAMTAN;
- Placement at A$0.60 per share;
- SAMTAN to hold 10.0% of Bandanna (fully diluted basis) following the placement;
- Funds to be used for on-going programs of exploration, future development appraisal and infra-structure requirements;
- SAMTAN to market Bandanna's coal in Korea and have the right to negotiate the purchase of 20% of Bandanna's coal from its Bowen Basin Projects at market prices;
- Senior Managing Director of SAMTAN, Park ...