K2 Energy Limited (ASX:KTE) announced a private placement of 31,333,334 common shares at AUD 0.03 per share for gross proceeds of AUD 940,000 on May 15, 2012. The transaction will see participation from institutional and sophisticated investors. Foster Stockbroking Pty Ltd will serve as the lead manager pursuant to the transaction. On May 18, 2012, K2 Energy Limited closed the transaction. Existing investor, Asia Union Investments Pty. Limited, invested for 5,000,000 shares in the transaction and now has 7.9% stake in the company.