ADX Energy (ASX: ADX) has raised $2 million, which will go towards funding the company’s exploration programs in Tunisia and Romania.
The money was raised through the placement of 25 million new shares at $0.08 per share.
In addition to the placement, a share purchase plan will be offered to existing shareholders, issuing up to 12.5 million shares at $0.08 per share to raise $1 million.
The record date for the share purchase plan is November 17, 2011. Further details will be announced in the near future.
Money raised under the placement and share purchase plan will supplement ADX’s existing cash reserves, which at June 30, 2011, stood at $783,000.
ADX recently announced an estimate of 51 million barrels of mean contingent oil in place at Sidi Dhaher-1 in Tunisia, with well testing set to begin once rig selection is finalised.