Global Energy Ventures Ltd. (ASX:GEV) announced a private placement of 31,333,333 shares at AUD 0.15 per share for gross proceeds of AUD 4,700,000 on February 5, 2019. The transaction will include participation from a group of new and existing institutional and sophisticated investors. Directors of the company will issue 1,400,000 shares for proceeds of AUD 210,000. The company will receive the funding in two tranches. The company will issue 29,933,333 ordinary shares in the first tranche and 1,400,000 ordinary shares in the second tranche subject to shareholder approval.