Argonaut has been successful in raising A$1.7 million (before issue costs) for Kinetiko Energy Limited (ASX: KKO) ("Kinetiko") via a Placement to Institutional and Sophisticated Investors of approximately 11.34 million new ordinary shares at an issue price of A$0.15 per share. Argonaut congratulates Kinetiko on the raising.
Commenting on the Placement, Managing Director Andrew Lambert said "This capital raising enables us to drill and appraise a small pilot test field (up to 5 wells) on the Amersfoort Project, following a technical review by mid January. If these wells are successful, the Company should secure early monetisation and maiden 3P reserves, which will set the Amersfoort Project on a rapid path towards commercial production planning."
Argonaut is delighted to be involved with Kinetiko and looks towards the relationship continuing.
Additional information regarding the Company and the Placement can be found on the Company's website at www.kinetiko.com.au.