ZhenHua Oil buys 13.6% stake in Interra Resources for $4.7 mil

SINGAPORE (Dec 15): Interra Resources is placing out 79.5 million shares at 5.9 cents per share to China ZhenHua Oil’s wholly-owned subsidiary, North Petroleum International, for approximately $4.7 million.  

The placement is expected to raise approximately US$3.47 million ($4.68 million) in net proceeds.

Upon completion of the transaction, China’s state-owned Zhenhua Oil will become the second-largest shareholder of Interra Resources with a 13.6% stake of the enlarged share capital in the group.

---

Related Stories

• Interra Resources granted 12-month extension to meet SGX watch-list exit requirements
• Winking Studios' 108 million shares fully subscribed
• Winking completes proposed placement of 108,000,000 shares

---