Mining magnate Gina Rinehart’s main company has invested in Melbourne oil and gas minnow Lakes Oil through a convertible notes issue.
In a purchase that was announced by Lakes Oil to the Australian Stock Exchange this morning, the company said the bulk of a $6.3 million notes issue had been bought by a wholly owned subsidiary of Ms Rinehart’s Hancock Prospecting.
The subsidiary was not named in the statement, but the deal would see it hold 18.6 per cent of Lakes Oil if all notes were converted.
Shares in Lakes Oil were up 25 per cent, or 0.1 of a cent, at half a cent in afternoon trade.
Read more: http://www.theage.com.au/business/mining-and-resources/gina-rinehart-jumps-into-oil-and-gas-20130129-2dhtp.html#ixzz2JKZgLpED