MEO Australia to Raise Funds for Cuba Operations

MEO Australia will be raising A$1.69 million via share placement to fund its operations in Cuba.

Proceeds will be used to accelerate MEO’s onshore exploration activities on Block 9 in Cuba, including the preparation of a drilling program for up to two wells in Block 9 and for additional working capital purposes.

The company will be placing approx. 46.9 million shares at A$0.036 per share to qualified institutional and sophisticated investors. The price of A$0.036 per share represents a 17% discount to MEO’s volume weighted average price for the 10 business days up to and including August 16, 2016.

The Block 9 PSC was awarded to MEO in September 2015. Block 9 covers approximately 2,380 km2 of predominantly low lying farmland on the north coast of Cuba approximately 130 km east of Havana. It is in a proven hydrocarbon system with multiple discoveries within close proximity, including the multi-billion barrel Varadero oil field, according to MEO’s website.