Each one in plain English, with the numbers worked through for a shareholder.
8 Aug 2013capital raising announcement▲ GoodMajor
Buru Energy secured a $100+ million funding package to fully fund Ungani oil development, exploration and the Laurel Wet Gas appraisal program: up to $27.5 million non-dilutive funding from JV partner Mitsubishi Corporation, $20 million released from escrow by Alcoa, a new $30 million Reserve Base Loan Facility from National Australia Bank, and a $35 million underwritten placement plus $5 million Share Purchase Plan.
Buru raised about $40 million through an institutional share placement, priced at $2.75 a share, specifically to fund its acquisition of Gujarat NRE Oil Limited's 90% interests in exploration permits EP457 and EP458 (for $36 million) and a related right to a further permit area - a raise tied directly to expanding its Canning Basin acreage, not a sign of financial distress.
15 June 2012capital raising announcement▲ GoodMajor
The $50 million institutional placement announced the day before was completed, oversubscribed, confirming the funding for Buru's expanded 2012 Canning Basin exploration and appraisal program.
14 June 2012capital raising announcement▲ GoodMajor
Buru launched a fully underwritten $50 million share placement to institutional investors, priced at $3.00 a share (a 7.1% discount), to fund an expanded exploration and appraisal program across its Canning Basin permits - including continued work on the Ungani oil field and early planning to commercialise its Valhalla and Yulleroo gas discoveries. The raise was designed to fully fund Buru's 2012 program and part of 2013.
Buru's Share Purchase Plan closed as scheduled, raising a further $2.42 million from 282 small shareholders at the same $0.65 price as the earlier institutional placement - completing the combined roughly $20.2 million capital raise that began 2 September 2011.
Buru mailed the formal offer paperwork for the Share Purchase Plan announced on 2 September 2011 to eligible shareholders, a routine procedural step in getting the retail top-up offer underway.