December 3, 2012
Po
Valley Energy Limited (ASX: PVE) announced today that it has raised
A$1.35million through a private placement. The company will, subject to
obtaining the necessary shareholder approval, issue 11,266,667 fully
paid ordinary shares at an issue price of $0.12 to several Australian
institutional and sophisticated investors. The company was pleased to
receive the support of several of its non-executive directors in the
placement, subject to shareholder approval.
The proceeds will be used to upgrade the gas plant at Sillaro in order
to enable higher production rates and for general working capital. As
the participation of the company’s non-executive directors in the
placement is subject to shareholder approval, the placement shares will
be issued in two tranches. The first tranche of 7,416,667 shares will be
issued on 6 December 2012 and the second tranche of 3,850,000 shares
will be issued to the non executive directors if shareholder approval is
obtained at an extraordinary meeting of shareholders which the company
plans to hold in late January 2013.
CONTACTS:
Giovanni Catalano
Po Valley Energy
+39 06 4201 62 75
Lisa Jones
Company Secretary
+61 8 9278 2533
About Po Valley Energy
Po Valley Energy (ASX: PVE) is an oil and gas producer and exploration
company listed on the Australian Stock Exchange. It has an expanding
portfolio of hydrocarbon assets in northern Italy. Po Valley holds 11
license areas, encompassing 2,000 square kilometres and owns and
operates two gas treatment plants. The Po Valley region is the main gas
production zone in Italy. The Company’s web site is www.povalley.com
Back to the list of news releases.