It was trading at CAN$20.33 and US$15.85. Its 10 for one Australian securities were trading at A$2.20.

Additionally the company has closed on another US$15 million private placement, taking the total to US$45 million of senior convertible debentures to a limited number of institutional investors.

Due to interest from existing investors the placement was increased from $40 million to $45 million with the net proceeds to used as working capital and for general corporate purposes.

“This transaction greatly enhances InterOil’s near-term working capital position for inventory as our refining operations advance through the commissioning phase, and provides incremental capital for InterOil’s drilling program and the securing of drilling rigs with improved capabilities,” said Phil Mulacek, CEO of InterOil.