By MeribaTulo – EM TV, Port Moresby
The Board of Kina Petroleum Limited has announced, that the company has agreed to a strategic placement to raise capital.
In an announcement to the Port Moresby Stock Exchange today, the Board announced that PIE Holdings has offered to invest 18.4 Million Australian Dollars, – just over K37 million, in Kina Petroleum.
This investment will go towards funding ongoing exploration and development activities of the Company’s existing projects, and general working capital.
Having achieved this financial and strategic milestone, the Non-Executive Chairman of Kina, Mr John Prendiville, noted the following changes will be made to the Board:
- Mr David Vance will be appointed to the Board as a Non-Executive Director effective at completion of the Placement. Please see Mr Vance’s professional biography below;
- Mr Prendiville will step down from the Board effective at completion of the placement; and
- Mr Richard Robinson will be appointed to the position of Non-Executive Chairman of Kina at that time.
Mr Prendiville noted “Given the Company is now well funded for its medium term development and exploration activities, this is an opportune time for me to step down from the Board. It is 4 years since I took on this role and much has been achieved. Due to my other work commitments and board roles, I am finding it increasingly difficult to commit the time necessary to Kina.
The placement is expected to be completed over the next two working days.
Whilst this transaction is being finalized, POMSoX has placed a halt to trading of the company’s shares.