SOURCE: Target Energy

Target Energy

May 29, 2015 11:49 ET

Target Energy Announces Completion of Rights Issue

WEST PERTH, AUSTRALIA--(Marketwired - May 29, 2015) - US-focused oil and gas producer Target Energy Limited ("Target") (OTCQX: TEXQY) (ASX: TEX) announces the completion of its Rights Issue.

• Renounceable pro-rata entitlement issue complete
• Approximately $3,000,000 raised, which exceeds the minimum subscription

US-focused oil and gas producer, Target Energy Limited (Target) has completed its entitlement issue. Eligible shareholders were invited to subscribe to a partially underwritten renounceable pro-rata entitlement issue (Entitlement Issue) to raise up to approximately $5 million on the basis of 5 new shares in Target, for every 3 existing shares held at the record date, at an issue price of $0.006 per share, together with one free attaching option to acquire a share for every two shares issued.

Target advises that the Company has received applications under the Entitlement Issue for 499,160,105 shares and 249,580,100 attaching options for total proceeds of $2,994,960. The shortfall is 333,652,362 shares.

Funds raised from the Entitlement Issue will be used to address payables, provide working capital and to potentially allow the Company to undertake an asset optimisation program.

Target's Managing Director, Laurence Roe commented: "This capital raising will allow Target and its partners time to proceed towards a sale of the Fairway asset as oil prices recover, as they have already begun to do, or until such time as we receive a suitable offer.

"I wish to thank those Top 20 shareholders who provided firm commitments to subscribe to the issue, my fellow directors who assisted with the underwriting of the issue and Target's staff for their strong support."

Laurence Roe
Managing Director

NOTE: In accordance with ASX Listing Rules, any hydrocarbon reserves and/or drilling update information in this report has been reviewed and signed off by Mr. Laurence Roe, B Sc, Managing Director of Target Energy, who is a member of the Society of Exploration Geophysicists and has over 30 years' experience in the sector. He consents to that information in the form and context in which it appears.

Contact Information

  • CONTACT INFORMATION:
    USA
    Laurence Roe
    Managing Director (Houston)
    Target Energy
    +1 713 275 9800 direct

    Australia
    Ross Dinsdale
    Business Development Manager (Perth)
    +61 429 702 970 cell
    +61 8 9476 9000 direct