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MEC RESOURCES LIMITED — Capital/Financing Update 2008
Nov 10, 2008
65353_rns_2008-11-10_80ac5b2f-754a-461d-ad9f-c923d4ab2b51.pdf
Capital/Financing Update
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PO Box 317, North Perth, WA 6906 14 View Street, North Perth, WA, 6006 T: + 618 9328 8477 F: + 618 9328 8733 [email protected]
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ACN 113 900 020
11 November 2008
Companies Announcements Office Australian Securities Exchange Limited 10[th] Floor, 20 Bond Street SYDNEY NSW 2000
Dear Sir/Madam
- Advent Energy Ltd $7 Million Funding Agreement
MEC Resources Limited (ASX: MMR) is pleased to advise that investee company Advent Energy Ltd (“Advent”) has successfully secured a funding agreement that will provide a significant capital raising totalling A$7 million by the issue of 14 million shares at 50 cents per share.
The agreement is subject to conditions which are expected to be satisfied by Advent.
The funds will be used by Advent to progress the PEP11 project off the coast of New South Wales.
Advent is proactively researching joint venture and farm in options for PEP11 and is currently in discussions with a number of interested parties.
Advent has also commenced discussions regarding the provision of rigs for the offshore PEP11 project and expects to advise shareholders of developments by the end of calendar 2008.
Yours Sincerely
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David Breeze Executive Director MEC Resources Ltd PO Box 317 North Perth WA 6906 Tel: +61 8 9328 8477
Media Enquiries: Bill Kemmery Fortbridge Consulting Tel: +61 2 9331 0655 Mobile: +61 400 122 449
MEC is an exploration investment company and relies on the resource and ore reserve statements compiled by the companies in which it invests. All Mineral Resource and Reserve Statements have been previously published by the companies concerned. Summary data has been used. Please refer to relevant ASX releases for details and attribution. Unless otherwise stated all resource and reserve reporting complies with the relevant standards. Resources quoted in this report equal 100% of the resource and do not represent MEC’s investees’ equity share.