Norton Rose Australia has advised Innamincka Petroleum Limited (Innamincka) in relation to its proposed $31 million recapitalisation.
The recapitalisation involves a non-renounceable one for three pro-rata rights issue which will raise approximately $10 million, and a placement to its major shareholder, Republic Investment Management Pte Ltd (Republic), for approximately $21 million.
The rights issue is planned to be fully underwritten.
The recapitalisation will provide Innamincka with funds to enable it to pursue an exciting new strategy, with the appointment of Nick Davies as interim Managing Director, and a significant capital injection to fund further development of its Cooper & Bass Basin assets.
The recapitalisation proposal comes after the failed scheme of arrangement under which Innamincka was to be acquired by Drillsearch Energy Limited.
The Norton Rose team comprised partner Shaun Clyne, senior associate Ebony Keenan-Dunn, associate April Thomas and associate Katie Hegarty.