Kinetiko to raise $2.2m through placement to fund commercialisation of Mpumalanga gas projects
ASX-listed Kinetiko Energy has received firm commitments from professional and sophisticated investors to raise up to $2.2-million through the placement of more than 55-million new fully paid ordinary shares in the company at an issue price of $0.04 each.
The funds raised will be used for commercialising the company’s advanced shallow conventional gas projects, in Mpumalanga, South Africa.
The placement was not underwritten and was strongly supported by the largest shareholders and directors.
As such, the company’s directors subscribed for 7.75-million placement shares, representing a contribution of about $310 000.
The placement will be completed in two tranches. The first will consist of the issue of about 47.3-million placement shares to unrelated placement participants, while the second will consist of the issue of the director placement securities.
Kinetiko also negotiated a debt conversion of a loan in the amount of $500 000 through the issue of new fully paid ordinary shares on the same terms as the placement.
“The next valuable milestone is establishing through production test wells drilling commercial gas flowrates and depletion curves. This funding supports the production test well currently underway at the Brakfontein site, with initial results expected to be delivered in July.
“The company continues to grow its technical knowledge in this unique geological setting and engage global oil and gas experts and is extremely confident the next production test wells will be successful,” Kinetiko executive chairperson Adam Sierakowski said on June 12.
Comments
Projects
Latest Multimedia
Latest News
Showroom
We are responsible manufacturers of essential components. Manufacturing 80 million parts a week, we have over 1 billion parts in stock.
VISIT SHOWROOM
From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
