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Adding to recent raisings by Global and Nexus, Pancontinental Oil & Gas said it placed nine million shares at 6 cents to raise $540,000 and Sydney Gas issued 13,500,000 ordinary shares to raise $5,400,000, with the funds raised to be used for gas project development and working capital.
Even the oil sector's recent golden child, Amity Oil, has just closed its $10 million offer of Convertible Notes over subscribed, meaning that some applications will be scaled back.
The funds raised will be used primarily for the development of Amity's two new gas discoveries at Adatepe and Cayirdere in Turkey without impacting on Amity's current exploration program.
Finally Horizon Oil will make the transition from a No Liability company to Limited, with a change in name to Horizon Oil Limited, pending shareholders' approval.
