Shares in Perth-based oil and gas explorer Tangiers Petroleum have closed lower after the company announced plans to launch a heavily discounted $5 million share placement.
Jacka Resources has launched a $3.9 million capital raising and will review its operations and restructure its board in a bid to cut costs following Tangiers Petroleum's failed takeover of the company.
Cash strapped Jacka Resources has appointed two broking firms to assess capital raising options after confirming that a friendly takeover offer from Tangiers Petroleum looks set to fail.
Jacka Resources says it hasn't given up hopes of a potential friendly takeover by Tangiers Petroleum, despite terminating a bid implementation agreement for the deal.
Tangiers Petroleum's friendly takeover bid for Jacka Resources appears to be in doubt following the resignation of Tangiers executive chairman Eve Howell, citing the loss of support of several major shareholders.
Business leader Chris Ellison joins an eclectic elite with his appointment as New Zealand's honorary consul in Western Australia, joining 44 other local representatives of foreign nations in what h
