ADX Energy Ltd (ASX:ADX) is pleased to announce the completion of a placement of 114,286,000 new shares at 0.7 cents per share to raise gross proceeds of $800,000. The funds raised in conjunction with the Company's current cash resources will primarily be used to fund the Company's appraisal and feasibility work programs on the Nilde Area Development Project in Italy as well as to augment ongoing working capital requirements.
ADX currently has 656,478,273 shares on issue. The Placement is unconditional and is expected to settle on Friday 6th May 2016. QA Capital was the lead manager for the placement.
Ian Tchacos Executive Chairman T: +61-8-9381-4266 www.adxenergy.com.au ADX Energy Limited T: +61-8-9381-4266 E: admin@adxenergy.com.au WWW: www.adxenergy.com.au
