Polo Resources Limited increases interest in Signet Petroleum Ltd.

09 November 2011

Kerman & Co advised Polo Resources Limited on its subscription for a further 1,428,571 new shares in Signet Petroleum Ltd for total consideration of US$5 million.

The proceeds of the subscription will allow Signet to meet its short term working capital requirements and continue to seek additional oil and gas assets in line with its business plan.

Following the issue of the new shares Signet will have 31,423,808 issued ordinary shares, of which Polo is interested in 3,523,808 Signet Shares representing 11.2 per cent. of Signet's issued shares.

Michael Corcoran from the Corporate department, advised Polo Resources Limited on this transaction.