re: Ann: Bullseye Prospect Sale of 8% Working... Continueing...

re: Ann: Bullseye Prospect Sale of 8% Working... Continueing on:

They raised 5.1 million on 17/1008

Own words from the company state: 8/10/08
"This placement provides assurance that the Company has funds together with its current production revenue and
debt facilities to move forward with its immediate drilling objectives. In particular these funds will underpin the Bullseye Project."

Sept 19 2008 announcement states:
"The Board is pleased to advise that Golden Gate Petroleum Ltd has executed a line of credit agreement for
US$5 million. This finance facility creates a line of credit to meet short term working capital requirements for
on going operations. Interest rate on any drawn amount is LIBOR based with no conversion options or equity
component. Advances against the facility will be due and payable between 6 and 9 months with no penalty
for early repayment. At the time of each drawdown, lender approval is required."


August 29 2008
"The Board is pleased to advise that it has secured a finance facility of US$1 million to provide working capital
to be utilized towards completion costs associated with the Bullseye Prospect.
The facility has a 6 month term and is subject to 9% pa coupon. In accordance with the terms of the facility the Company has today issued 600,000 unlisted options
exercisable at 40 cents on or before 31 August 2011 following the drawdown of US$500,000. A further
400,000 unlisted options on the same terms and conditions will be issued where the Company draws down a
further US$500,000."

March 5 2009
"The Company is pleased to announce the placement of 38,888,888 convertible notes with a face value of 9 cents
each to raise A$3.5m before expenses. The Company will issue all of the convertible notes utilising its 15% capacity under Listing Rule 7.1."