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In addition, the company said the placement of 4.325 million shares at $1.65 each to international and domestic investors, would fund further exploration efforts and its entry into the gas storage opportunities in Europe.
The capital raising follows a similar placement totalling $5.85 million to equity markets late last year.
In the placement announced today, Po Valley has agreed to issue 3.5 million ordinary shares to John Hancock Mutual Funds – a United States pension and insurance company.
The remainder will be issued to the Australian hedge fund, Cranport, and current major shareholder, Hunter Hall Investment Management.
As a result, the company now has a market capitalisation of $161.7 million, with 89.88 million shares on issue.
