Kina Petroleum Limited announced that it expects to receive AUD 5.38 million in funding from PIE Holdings, L.P. and other investors

Kina Petroleum Limited (ASX:KPL) announced a private placement of 75,000,000 shares at AUD 0.07178 per share for gross proceeds of AUD 5,383,500 on December 20, 2017. The investors include existing strategic and sophisticated investors along with Phil Mulacek who, together with his affiliated company PIE Holdings LP, will maintain the percentage holding. The transaction will not require shareholder approval. The transaction was executed without transaction costs, brokerage or other commissions.