The company said it would be raising up to $2.5 million by issuing 50 million shares at 5c per share with oversubscriptions being processed on a pro rata basis. Shareholders may apply for up for $5000 worth of shares each.
“Funds raised under the plan will be used to fund the company’s working interest in the South East Lost Hills and San Emidio regions beyond the current drilling program,” it said.
Nuenco anticipated the offer would close on 4 April 2005.
Investors need to be a Nuenco shareholder by at least Friday this week, (12th March).
