---

Hong Kong-listed Brightoil Petroleum has raised HK$1.04 billion (US$135 million) through a top-up placement in order to fund the development of its oil projects.

The company sold 300 million shares at HK$3.45 a share, representing a 9% discount to the closing price of HK$3.79 on July 28.

The shares were being offered at an indicated price of between HK$3.41 and HK$3.56 a share, or a discount of 6.07% to 10.03% to the previous closing price. This meant the company had the potential to raise between HK$1.02 billion and HK$1.07 billion. The deal comes with an upside option of an additional 100 million shares.

The placement was managed by BOC International.

News of the placement follows the announcement earlier this week that Brightoil has entered into a memorandum of understanding with the vendor, Tooltime Holdings Ltd, for the possible acquisition of the entire issued share capital of, and a shareholder's loan due by, target company Access Wealth Holdings Ltd at a consideration of HK$1.485 billion.

Trading in shares of the stock was suspended yesterday on the Hong Kong Stock Exchange at 9:44 a.m.and resumed again today following the completion of the top-up placement.