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EMERALD RESOURCES NL — Capital/Financing Update 2010
Mar 29, 2010
64849_rns_2010-03-29_ab29c0cb-aa9d-4cfe-81b8-a614b54d08f4.pdf
Capital/Financing Update
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Suite 2, 12 Parliament Place West Perth WA 6005 Ph: +618 9482 0510 Fax: +618 9482 0505 Email: [email protected] www.emeraldoilandgas.com
29 March, 2010
Centralised Company Announcements Platform Australian Stock Exchange 10[th] floor, 20 Bond Street Sydney NSW 2000
PLACEMENT RAISES $600,000 TO PROGRESS U.S. EXPLORATION PROGRAM
The Directors of Emerald Oil & Gas NL (“ Emerald ” or “the Company ”) are pleased to advise that the Company has raised $606,000 (before costs) to provide additional funds for anticipated exploration and development activities in the US.
Details of the placement
The company will issue 17.3 million shares at $0.035 each with a free attaching 1 for 2 unlisted option with an exercise price of 10 cents expiring in June 2012, to institutional and sophisticated investor clients of DJ Carmichael.
The options are subject to shareholder approval which will be sought by mid May 2010.
An Appendix 3B for the issue will be issued separately.
Use of proceeds
The funds will provide Emerald with additional working capital to progress ongoing projects and potential anticipated dealings outlined in the Business Plan presentation released to ASX on Friday, March 26, 2010.
For more information please contact:
Emerald Oil & Gas NL Tel: +618 9482 0510
MIKE KRZUS Managing Director [email protected]
About Emerald Oil & Gas NL
Emerald Oil & Gas NL (ASX: EMR), listed on the ASX in June 2006, is an oil and gas exploration and production company with project interests in Kentucky and Texas in the USA and in the Canning Basin of Western Australia. Emerald’s focus is on both conventional and non-conventional reservoir targets for oil and gas prospects. Its primary objective is to achieve near term production and cashflow to build shareholder value and provide funds to fuel further growth.
Statements regarding Emerald’s plans with respect to its petroleum properties are forward-looking statements. There can be no assurance that Emerald’s plans for development of its petroleum properties will proceed as currently expected. There can be no assurance that Emerald will be able to confirm the presence of additional petroleum deposits, that any discovery will prove to be economic or that an oil or gas field will successfully be developed on any of Emerald’s petroleum properties.