The Kina board said in a statement the strategic and sophisticated investors include Phil Mulacek who, together with his affiliated company PIE Holdings LP, will maintain the percentage holding established in November 2014.
Funds raised from this placement will be applied to Kina’s ongoing working capital requirements, particularly in relation to its two key retention licences Petroleum Retention Lease (PRL) 21 (Elevala-1 and Ketu-1) and 38 (Pandora offshore discovery), where pre-development work is ongoing.
