Meridian SeamGas gas field operator, WestSide Corporation announced that its Share Purchase Plan has closed heavily oversubscribed and has raised A$7.45 million.
On 2 October 2013, WestSide announced the Company had successfully raised A$8 million through a placement of 44,444,444 new shares at A$0.18 each and was initiating a Share Purchase Plan at the same price targeting an additional A$2 million.
Chairman Robert Neale said the Board had opted not to exercise a right to scale back applications due to the overwhelming level of shareholder support and the flexibility this gives the Company to accelerate and optimise its field development plans.
“We’re delighted by the strong and enthusiastic response from our shareholders which further reflects increasing confidence in the Company’s prospects,” Mr Neale said.
WestSide’s material uncontracted reserves position and expiring gas supply contracts uniquely position the Company to supply into the rising demand and gas pricing of Australia’s dynamic east-coast gas market.
“WestSide is now well capitalised as it seeks to finalise important new gas supply agreements and the additional funds raised through oversubscriptions will provide the Company with greater flexibility to accelerate our field development and production expansion plans at Meridian SeamGas.”
The new shares will be allocated on Monday, 11 November 2013 and start trading on the ASX on Tuesday, 12 November 2013.
LNG World News Staff, November 07, 2013; Image: WestSide