WestSide Corporation Limited (ASX: WCL) today announces a 2-for-5 pro rata entitlement offer to shareholders at A$0.25 per new share to raise approximately A$25.4 million for working capital to meet its near-term growth aspirations across its various operations in Queensland ("Offer").
WestSide requires the funds to undertake the next stage of work at the Meridian SeamGas gas fields in Queensland's Bowen Basin. This work will be directed at maintaining and increasing gas production to supply existing and future customers. Some of the proceeds of the Offer will be invested in a field development feasibility study required for a Final Investment Decision to support possible new gas sales agreements.
A portion of the proceeds will also be used to fund WestSide’s joint venture share of exploration programs within its Bowen and Galilee Basin tenements.
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