🕐13.11.09 - 05:09 Uhr

Mosaic Oil [ASX: MOS] - Share Purchase Plan raises $10.3 million



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Mosaic Oil [ASX: MOS] - Share Purchase Plan raises $10.3 million

Mosaic Oil NL (ASX: MOS) advises that its Share Purchase Plan (�SPP�), which closed Monday 9 November 2009, has successfully raised $ 10,270,122.39.

As previously advised the SPP Issue Price was set at 11.0 cents being a 5% discount to the 5 day Volume Weighted Average Price of the Company�s shares at the SPP Closing Date.

As a result the Company will today allot 93,365,306 fully paid ordinary shares to SPP applicants.

A total of 1208 shareholders representing 13% of all shareholders participated in the SPP.

Alex Parks CEO of Mosaic Oil said:

�The Company is delighted with the support demonstrated by its shareholders.

In conjunction with the Company�s recent Placement, these funds provide Mosaic with the strong balance sheet necessary to pursue the Company�s strategy to increase activity and commercialise our substantial reserves in Queensland.�

�The funds raised through the SPP and the earlier Placement to sophisticated investors and institutions will be used to finance Mosaic Oil�s exploration and development plans with a particular emphasis on drilling new oil wells to maximise liquid hydrocarbon production rates.�

For further information, please contact:

Mosaic Oil: Alex Parks � Chief Executive Officer +61-2 9247 9324
Media: Bill Kemmery � Fortbridge on 0400 122 449 �

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