IPB Petroleum Limited (ASX:IPB) announced a private placement of 47,619,048 shares at a price of AUD 0.0105 per share for gross proceeds of AUD 500,000 on June 29, 2020. The transaction will include participation from professional and sophisticated investors both domestically and internationally. Sanlam Private Wealth will act as finder to the transaction. The company will pay finder's fee of 6% of the total proceeds. The transaction is expected to close on June 30, 2020.