Po Valley Energy updates on AU$4.5 million Share Placement

Po Valley Energy Limited (ASX: PVE) has provided an update on the AU$4.5 million Share Placement it completed in August 2022.

The placement comprises the issue of 10,909,092 shares to specific director-related parties to raise AU$600,000, which was conditional upon shareholder approval at the General Meeting on 05 October 2022.

Today, the Company has issued 7,272,728 ordinary shares to PVE’s Chairman, Kevin Bailey, for his participation of AU$400,000 under the placement.

At the same time, the Company confirmed that it is fully funded to bring its Podere Maiar gas field into production. Also, it stated that the first gas at Podere Maiar-1 is on track for early Q2 CY2023, remaining within PVE’s schedule and budget.

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