Dart Energy has completed an $11.9 million placement to provide it with more secure funding in developing its unconventional gas projects.
In an announcement to the Australian Securities Exchange, Dart says it can now capitalise on its high quality assets in the United Kingdom as it is ready to undertake a drilling program in the region and is seeking farm-in partners for the shale assets.
The placement was at an offer price of nine cents a share, a one cent discount to the company's closing price on August 30. Approximately 45% of the placement was subscribed for by investors in the UK and Asia.
Dart also announced a one-for-nine, fully underwritten non-renounceable entitlement offer to raise around $8.8 million at the same price as the placement, which is open to existing shareholders until September 12.
Shares in Dart lifted by one cent to 11 cents at 1037 AEST.