Mosaic looks to raise funds for Permian strategy

Junior oil producer Mosaic Oil has announced it is in the market to raise funds for the drilling and appraising of its Permian acreage in south-east Queensland.

The company will look to raise $3.8 million by issuing up to 8.1 million shares and 6,000,000 options at 25 cents with Intersuisse and certain large Mosaic shareholders underwriting the offer.

As part of the underwriting, Mosaic will also place 22 million ordinary shares at 8c to the large shareholders of the company as well as to Intersuisse clients.

“These funds allow us to sole risk the Churchie 3-well and fast-track our exploration program at a time when our large Permian acreage in Queensland is showing much promise,” the company said.