MEC Resources Limited (ASX: MMR) is pleased to advise that investee company Advent Energy Ltd ("Advent") has successfully secured a funding agreement that will provide a significant capital raising totalling A$7 million by the issue of 14 million shares at 50 cents per share.
The agreement is subject to conditions which are expected to be satisfied by Advent.
The funds will be used by Advent to progress the PEP11 project off the coast of New South Wales.
Advent
is proactively researching joint venture and farm in options for PEP11
and is currently in discussions with a number of interested parties.
Advent
has also commenced discussions regarding the provision of rigs for the
offshore PEP11 project and expects to advise shareholders of
developments by the end of calendar 2008.
View the full announcement by clicking here Advent Energy Ltd - $7 Million Funding Agreement Secured Final BK.pdf