SGX Code: Interra Res (5GI), ASX Code: ITR
28 November 2011
USE OF PROCEEDS FROM THE PLACEMENT OF 38,500,000 PLACEMENT SHARES COMPLETED IN APRIL 2011Unless otherwise defined, all terms used or referred to in this announcement have the meanings as assigned to them in the announcements made by the Company on
8 March 2011, 31 March 2011 and 4 April 2011 in relation to the Placement (the
"Announcements").
Further to the Announcements, the Board of Directors wishes
to provide an update on the utilisation of the net proceeds
from the Placement amounting to S$4,741,174
(the "Net Proceeds") after deducting expenses of S$109,826 as
follows:
Purpose | Amount Utilised (S$) |
Acquisition of 30% participating interest in TAC TMT as announced on 22 June 2011 and 25 November 2011 | |
- Initial payment of US$590,000 upon signing of agreement | 729,399 |
- Final payment of US$6,310,000 upon completion, of which US$3,057,849 is funded by the Net Proceeds (the balance is funded by existing funds on hand) | 4,011,775 |
Total | 4,741,174 |
To date, the Net Proceeds have been fully utilised.
By Order of the Board of Directors of
INTERRA RESOURCES LIMITED
Marcel Tjia
Chief Executive Officer
About Interra
Interra Resources Limited, listed on the SGX Catalist and the
ASX, is a Singapore - incorporated company engaged in the
business of petroleum exploration and production ("E&P"). Our
E&P activities include petroleum production, field
Interra Resources Limited 1 Grange Road #05-04 Orchard
Building Singapore 239693 Tel (65) 6732 1711 Fax (65) 6738
1170 www.interraresources.com
Page 2 of 2 development and exploration through strategic
alliances and partnerships. We are
positioning ourselves to becoming a leading regional
independent producer of oil and
gas.
For corporate enquiries, please contact: Marcel Tjia
Chief Executive Officer
mtjia@interraresources.com
For technical enquiries, please contact: Frank Hollinger
Chief Technical Officer
frank@interraresources.com
This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor ("Sponsor"), Collins Stewart Pte. Limited, for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ("SGX-ST"). Collins Stewart Pte. Limited has not independently verified the contents of this announcement. This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement including the correctness of any of the statements or opinions made or reports contained in this announcement.
The contact person for the Sponsor is Mr Alex Tan, Managing Director, Corporate Finance, Collins Stewart Pte. Limited, at 77 Robinson Road #21-02 Singapore 068896, telephone (65)
6854 6160.
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Documents associés | |
Use of Proceeds from the Placement Completed in April 2011 |