Metgasco Ltd (AU:MEL) has released an update.
Metgasco Ltd has successfully completed a $1 million placement with institutional investors, offering shares at a discounted price of $0.005, and is now seeking an additional $1.5 million through a Share Purchase Plan (SPP) available to eligible shareholders. The funds will be used to develop the Odin gas field, with the drilling of Odin-2 and potential future Odin-3 wells, aimed at boosting gas production and company revenue. The SPP allows shareholders to invest without incurring brokerage fees and applications are open online, with the company reserving the right to close the offer early.
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