Pancontinental Oil and Gas (ASX:PCL) - CEO & Executive Director, Ernest Anthony Myers
CEO & Executive Director, Ernest Anthony Myers
Source: Norwest Energy
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  • Pancontinental Oil & Gas (PCL) has completed a bookbuild to raise $710,000 via a placement
  • All up, 710 million shares will be issued to sophisticated and professional investors at 0.1 cents
  • Subject to shareholder approval, Directors David Kennedy and Marie Malaxos intend to subscribe for $100,000 and $10,000 worth of shares, respectively
  • PCL will use the money to fund exploration activities and business development, as well as pay expenses and general working capital
  • PCL has ended the day 100 per cent in the green with shares trading at 0.2 cents

Pancontinental Oil & Gas (PCL) has completed a bookbuild to raise $710,000 via a placement.

The company entered a trading halt yesterday but did not disclose how much it would be raising or what the funds would be used for.

All up, 710 million shares will be issued to sophisticated and professional investors at 0.1 cents.

Subject to shareholder approval, Directors David Kennedy and Marie Malaxos intend to subscribe for $100,000 and $10,000 worth of shares, respectively.

Shares are expected to settle on February 25, while the shareholder meeting to approve the Directors participation is expected to be held in late March.

PCL will use the money to fund exploration activities and business development, as well as pay expenses and general working capital.

“This capital raising helps provides the Pancontinental team with funds to carry on with current and new venture activities. After a trimmed-down 2020, due to COVID-19 and energy industry implications, we look forward to an active 2021,” Technical Director Barry Rushworth commented.

“Concerning offshore Namibia, we are very excited to learn that the delayed Venus-1 is now planned for drilling by the French industry giant, Total, in mid-2021,” he said.

“Venus-1 is seen as potential the most important well world-wide in 2021, with game-changing implications for Pancontinental as well as Namibia,” he added.

PCL is now looking at new opportunities for non-conventional energy projects that compliment its existing projects in Namibia.

PCL has ended the day 100 per cent in the green with shares trading at 0.2 cents in a $5.406 million market cap.

PCL by the numbers
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