Tangiers Petroleum Limited resolved to place A$5 million worth of shares, before costs, through the private placement of 31.25 million shares to specified wholesale, institutional and sophisticated investors at A$0.16 per share (Placement) in Australia, the United Kingdom and Hong Kong.

The Placement will be completed in two tranches consisting of: approximately 23.6 million shares issued in the first tranche pursuant to the Company's remaining 15% capacity under ASX Listing Rule 7.1; and a balance of approximately 7.5 million shares issued in the second tranche subject to shareholder approval at the Annual General Meeting of shareholders scheduled to be held in early June.

Tags: Tangiers Petroleum Limited