Argonaut has been successful in the Placement of A$4.5 million (gross) for Rampart Energy Limited (ASX: RTD) (“Rampart”) via a Placement to institutional and sophisticated investors of approximately 90 million new ordinary shares at an issue price of A$0.05 per share together with joint lead manager, DJ Carmichael Pty Limited. Argonaut congratulates Rampart on the raising which was oversubscribed and undertaken at a premium to the prevailing share price.
The funds will be used towards the remaining payment for Rampart’s share of the Big Bend 3D seismic program (currently in progress) as well as for working capital purposes, including potential North Slope acreage acquisitions.
Commenting on the Placement, Managing Director Torey Marshall said “We are delighted with the strong support shown for the Placement, particularly as it includes a significant number of new retail and Australian based institutional investors. I believe that the oversubscription is a very positive market signal on our ability to deliver, given the recent confirmation of our ACES funding facility. We will now seek with these additional funds to further our ongoing efforts to deliver success and value from Rampart’s North Slope acreage”.
Argonaut is delighted to be involved with Rampart and looks towards the relationship continuing.
Additional information regarding the Company and the Placement can be found on the company’s website at www.rampartenergy.com.au.
