Transerv Energy Set To Raise Up To A$10 Million At 1.3 Cents/Share -Source
20 April 2012 - 3:22AM
Dow Jones News
Transerv Energy Ltd. (TSV.AU) is poised to raise up to A$10
million (US$10.4 million) at 1.3 cents a share, a person familiar
with the matter said Friday.
The funds--raised at a 19% discount to the company's last-traded
price of 1.6 cents-- will be used to fund further exploration,
particularly of Transerv's Canadian assets.
"Drilling this year across all projects may result in
substantial re-rating," Hartleys analyst Dave Wall said in a note
to clients dated April 13.
Transerv's flagship project is the Warro Gas Project in Western
Australia state. The company has a farm-out arrangement through
which Alcoa Inc. (AA) has agreed to spend up to A$100 million to
buy 65% of the project.
In his note, Wall said results of independent analysis, which
shows the project remains highly commercial, as well as Alcoa's
desire for gas mean it is likely that it will move forward with the
project.
Hartleys and Argonaut are mandated on the capital raising.
-By Gillian Tan, of The Wall Street Journal; +61-2-82724694;
gillian.tan@wsj.com
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