Drillsearch Energy Limited has completed a $50 million capital raising. As a result of very strong support from existing shareholders and new institutional investors, the capital raising announced on 26 July 2012 has been upsized by $10 million to $50 million.

The capital raising was conducted via a placement to qualified sophisticated and institutional buyers at $1.02 per share (Placement Price) (Placement).

The Placement Price represents a 5.0% discount to the ten-day volume weighted average price of Drillsearch shares ($1.0736) prior to entering a trading halt.

Tags: Drillsearch Energy