MEO Australia Limited has executed a Private Placement Agreement with London listed Leni Gas Cuba Limited to raise $1.4 million, with funds to be used to advance MEO’s exploration program on the Company’s newly awarded 2,380km2 onshore oil block, Block 9 in Cuba.

Under the placement agreement, MEO will issue Leni Gas Cuba 140,716,573 shares at an issue price of A$0.01 per share. The placement of shares to Leni Gas Cuba falls within MEO’s placement capacity and will make Leni Gas Cuba MEO’s single largest shareholder with a 15.8% interest in the Company.

Tags: MEO Australia Limited