News & ASX Releases

Po Valley raises $1.18 million in private placement

April 7, 2017

Po Valley Energy Limited (ASX: PVE) announced today that it has raised A$1,179,256 through a private placement. The company will, subject to obtaining the necessary shareholder approval, issue 42,882,037 fully paid ordinary shares at an issue price of $0.0275 (2.75 cents) to several institutional and sophisticated investors, including some existing institutional shareholders. The company was pleased to receive the support of its non-executive directors in the placement, subject to shareholder approval.

The proceeds will be used towards the continued development of two of the Company’s high value exploration projects (Selva and Teoderico), for repayment of approximately $480,000 of shareholder loans and for general working capital.

As the participation of the company’s directors and their related parties in the placement is subject to shareholder approval, the placement shares will be issued in two tranches.

The first tranche of 14,526,966 shares will be issued on or around 5 April 2017 and the second tranche of 28,355,071 shares will be issued to the directors and their related parties if shareholder approval is obtained at the Company’s Annual General Meeting to be held on 31 May 2017 at 11.30am (AEST).

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