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08 May 2000
PLACEMENT ISSUE
The directors wish to advise that they have approved a placement issue of up to 8,000,000 ordinary fully paid shares at an issue price of 10 cents each together with free attaching options expiring 31 March 2002 at an exercise price of 20 cents each on the basis of one new option for every four new shares subscribed.
The issue will raise $800,000 less costs.
In accordance with the Listing Rules Appendix 3B information is attached. Also attached is a copy of the prospectus as lodged with ASIC today.
Enquiries:
LA Colless, Secretary
Tel: 08 9227 7178
Fax: 08 9227 9079
Email: svalbe@pancon.com.au
Rule 3.10.3, 3.10.4
Appendix 3B
New issue announcement
The information in this form must be given to the +company announcements office if an entity proposes to issue + securities. Information or documents not available now must be given to ASX as soon as available.
Information and documents given to ASX become ASX's property and may be made public.
Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99.
Pancontinental Oil & Gas NL
ACN, ARBN or ARSN
003 029 543
We (the entity) give ASX the following information.
Part 1 - All issues
| 1 | +Class of +securities to be issued | Ordinary full paid shares
Options |
| 2 | Number of +securities to be issued | 8,000,000 shares
2,000,000 options |
| 3 | Issue price of the +securities | Shares - 10 cents each
Options - free |
| 4 | If the +securities are +convertible, a summary of their main terms | Shares - N/A
Options - exercisable at 20 cents each, expiring 31 March 2002 |
| 5 | The amount to be raised by the issue | $800,000 |
| 6 | Is there a right to accept or retain over-subscriptions?
If so, give details | Over-subscriptions will not be accepted. |
| 7 | Purpose of the issue | To provide:
- funding for the Companyıs petroleum project assets
- funding to investigate and possibly invest in further petroleum resource opportunities in Australia and overseas; and
- working capital for the day to day operations of the Company
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| 8 | Will the +securities participate in dividends (in the case of a trust, distributions) or interest?
If so, give the date from which they will participate, and the extent to which they will participate. | New shares will rank pari passu with existing ordinary fully paid shares from date of allotment.
New options will not participate in dividends. New shares allotted on exercise of the options will rank pari passu with existing ordinary fully paid shares from date of allotment.
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| 9 | Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests). | No dividends have been paid by the company during this financial year and any dividends on the increased capital will depend on profits earned |
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