Eastern Corporation is looking to raise A$2.5 million via a share placement to fund drilling at i...
The share placement scheduled for November 29 will include the placement of 50 million ordinary shares and the issue of 20 million yet to be priced options to sophisticated investors.
Funds will be used for ongoing drilling programs at Broughton and at West Whareatea, on New Zealand’s south island.
Funds will also be directed to requirements of the Galilee Energy coal seam methane project in central Queensland.
Shares in Eastern closed at 53 cents at close of trading on Friday.
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