Perth, Australia (ABN Newswire) - ADX Energy Ltd (ASX:ADX) is pleased to announce the completion of a placement of 114,286,000 new shares at 0.7 cents per share to raise gross proceeds of $800,000.

The funds raised in conjunction with the Company's current cash resources will primarily be used to fund the Company's appraisal and feasibility work programs on the Nilde Area Development Project in Italy as well as to augment ongoing working capital requirements.

ADX currently has 656,478,273 shares on issue. The Placement is unconditional and is expected to settle on Friday 6th May 2016. QA Capital was the lead manager for the placement.



About ADX Energy Limited:

ADX Energy Limited's (ASX:ADX) (OTCMKTS:ADXRF) is an Australian Stock Exchange (ASX) listed oil and gas exploration and appraisal company. ADX operates four oil and gas permits in North Africa and Europe, together with gold and base metal interests in Australia held via its stake in ASX listed Riedel Resources (RIE). The company is headquartered in Perth, Western Australia with additional offices operating out of Baden (Austria), Tunis (Tunisia) and Bucharest (Romania).

ADX Energy’s vision is to achieve superior shareholder returns through better investment choices, by applying state of the art technology and high quality management. ADX strives to achieve exponential growth based on a strategy of early entry to high impact exploration opportunities in proven oil and gas basins.



Source:

ADX Energy Limited



Contact:

Ian Tchacos
Executive Chairman
T: +61-8-9381-4266
www.adxenergy.com.au

ADX Energy Limited
T: +61-8-9381-4266
E: admin@adxenergy.com.au
WWW: www.adxenergy.com.au