Po Valley Energy announces the successful completion of its Share Purchase Plan (“SPP”) which closed at 5pm AEST on 12 November 2009. Po Valley received 179 Applications from Eligible Shareholders for 1,283,768 ordinary shares at an issue price of A$1.55, raising a total of A$1.99million.
The issue price under the SPP is the same as that paid by professional and sophisticated investors in the Company’s recent oversubscribed A$8.5million share placement.
Michael Masterman, CEO, said:
“I would like to thank our shareholders for their continued support of Po Valley in the lead up to our first production, with nearly one third of our shareholders participating in the SPP. The Company has now raised approximately A$10.5million through the recent private placement and SPP which has strengthened our balance sheet and working capital position while also allowing us the flexibility to continue to pursue growth opportunities”.
New shares subscribed for under the SPP are expected to be allotted on November 18, 2009. Following the SPP, the Company will have a total of 110,179,926 ordinary shares on issue.
Transaction confirmation statements for shares allotted under the SPP are expected to be dispatched on, or around, 20 November 2009 to Issuer Sponsored and CHESS participants.
The Company is currently commissioning its Castello gas field east of Milan in northern Italy and will commission its Sillaro field east of Bologna also in northern Italy, from January next year. Both fields are 100%-owned by Po Valley.