Microsoft Word - 09072012_Elk_ASX_Announcement_EORGAS_LLC.docx
ABN 38 112 566 499
23 June 2016
EQUITY RAISING UPDATE
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Initial capital raising successfully secures $19.1million in new equity
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Entitlement offer acceptances raise $10.4million
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Underwriting and shortfall acceptances raise additional $8.7million
ENTITLEMENT OFFER RESULTS AND SHORTFALL NOTIFICATION
Elk Petroleum Limited (ASX Code: ELK) is pleased to advise the results of the Entitlement Offer, noting that acceptances closed for the Company's partially underwritten non- renounceable Entitlement Offer on 21 June 2016.
Elk has indicatively raised $19,122,410 comprising:
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$10,397,792 in Entitlement Offer acceptances
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$6,331,321 subject to fulfilment of underwriting and sub-underwriting obligations
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$2,393,360 in shortfall applications
The Company advises that the capital raising funding from existing eligible shareholders under the Entitlement Offer and from Taylor Collison as the foreign ineligible holder nominee is expected to raise a total of $10,726,777, being:
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Applications under shareholder entitlements, including application for additional Shortfall Shares, totalling 138,636,386 shares, raising $10,397,729 in capital; and
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Funding under Nominee for Ineligible Shareholder sale facility totalling 4,387,312 shares, to raise $329,048 in capital.
The shortfall before the underwriting and shortfall placement under the Entitlement Offer is 267,050,221 shares equivalent to $20,028,767.
After the underwriting and sub-underwriting obligations are fulfilled the Company intends to place the remaining shortfall as provided for in the Offer Booklet.
The placement of any remaining shortfall following completion of the offer could raise up to
$13,697,445 through the placement of 182,632,601 shares.
To date, Elk has received shortfall subscription applications and deposits for $2,393,360, representing 31,911,466 shares under the shortfall. After consideration of Elk's existing shortfall subscription commitments, the remaining available shortfall which may be placed is 150,721,135 shares being $11,304,085.
ELK PETROLEUM LIMITED
Suite 101, Level 1 Tel +61 2 9093 5400
10 Bridge Street
Sydney NSW 2000
Email [email protected]
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No. of Shares
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Funds
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Total available under offer (ineligible shareholders)
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4,387,312
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$329,048
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Total available under offer (eligible shareholders)
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405,686,607
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$30,426,495
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Total available under offer
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410,073,919
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$30,755,543
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Entitlement acceptances
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108,873,209
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$8,165,491
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Shortfall before Section 615 Nominee and Additional Current shareholder Applications
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301,200,710
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$22,590,053
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Shares allotted under Nominee for Ineligible Shareholder sale facility
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4,387,312
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$329,048
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Additional applications by eligible shareholders under Shortfall facility
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29,763,177
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$2,232,238
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Shortfall before Underwriting and Shortfall Placement
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267,050,221
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$20,028,767
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For further information, please contact:
Investor:
Brad Lingo
Managing Director/CEO P: +61 2 9093 5400
E: [email protected]
Media:
Rebecca Lawson
Media and Capital Partners P: +61 433 216 269
E: [email protected]
If you would like to register for alerts please go to the Elk website www.elkpet.com
ABOUT ELK PETROLEUM
Elk Petroleum Limited (ASX: ELK) is an oil and gas company specialising in Enhanced Oil Recovery (EOR), with assets located in one of the richest onshore oil regions of the USA, the Rocky Mountains. Listed on the ASX in 2005, Elk's strategy is focused on applying proven EOR technologies to mature oil fields, which significantly de-risks the Company's strategy of finding and exploiting oil field reserves. Leveraging proven EOR technology and Company expertise and experience, Elk is currentlydeveloping the Grieve oil field in Wyoming (Elk - 35% WI) and is planning for a CO2-basedEOR project at the Singleton oil field in Nebraska (Elk - 100% WI & operator).
ELK PETROLEUM LIMITED
Exchange House Suite 101, Level 1
10 Bridge Street
Sydney NSW 2000
Tel +61 2 9093 5400
Email [email protected]