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The Perth-based company today said it would issue 12.5 million shares at 40c each.
Redfork said the placement, being made to Asian and Australian-based institutional and professional investors, would be completed in two tranches.
The first will involve about 8.8 million shares to be issued immediately, raising about $3.5 million.
The second tranche, subject to shareholder approval, will consist of issuing about 3.7 million shares to raise another $1.5 million.
“This is seen as a strong endorsement of the company’s assets and its strategy to build a significant hydrocarbon explorer and producer,” Redfork said.
“The funds raised will be used to fast-track further exploration and development at the company’s wholly-owned Osage County Project in Oklahoma and to provide working capital.”
Redfork said the pace of exploration and development on the Osage project “continues to build” and it expects to have six new wells completed and tied-in to production infrastructure during the current quarter.
The program, together with the completion of at least two Woodford Shale wells, will bring the total number of wells drilled and/or completed by Redfork to 12.
Redfork listed on the Australian Stock Exchange in November 2005.
