MAVERICK Drilling and Exploration Limited has completed A $15 million placement to sophisticated and professional investors.
The placement was completed a a price of at $0.06 per share and closed fully subscribed, receiving strong support from both new and existing investors. A total of 250,000,000 shares will be issued under the placement.
The placement also received strong support from the directors of Maverick.
The proceeds of the placement will be used, together with the proceeds from the expected sale of the company’s Blue Ridge field, in the US, to fund the acquisition of additional acreage and an initial drilling program in its Eagle Ford assets.
The initial drilling program is expected to begin with two wells to be drilled starting in Quarte 4 at an estimate of US$5 million each – which includes testing and initial facilities. A third optional well is possible depending on costs, schedule and minimal early draw down of the reserve based lending facility.