Australian oil and gas company International Petroleum Limited (formerly International Goldfields Limited) advise that it has lodged a Prospectus with ASIC, to issue up to 100,000,000 Shares at a price of A$0.30 per Share, to raise up to A$30,000,000 (before costs of the Offer).
The capital raising is being coordinated by a prominent UK broker and is being promoted largely to European and North American institutions and sophisticated investors, and is expected to be well supported.
Upon completion of the Eastern Petroleum Corporation Limited ('Eastern Petroleum') transaction, the Company intends to focus on the development of its highly prospective oil and gas assets in Kazakhstan and will be applying the funds raised to a drilling program.
The Company anticipates that its securities will be relisted on ASX by the end of February 2010 once the funds have been raised and the Share Sale Agreement with Eastern Petroleum has completed.