American Patriot Oil & Gas Limited (ASX:AOW) announced a private placement of 68,000,000 shares at a price of AUD 0.02 per share for gross proceeds of AUD 1,360,000 on March 6, 2019. The transaction will include participation from returning investor Vertua Limited (NSX:VERA) in its existing shareholding ratio and new investors. The transaction was oversubscribed.

The transaction is expected to close on March 12, 2019. The transaction does not need approval from the shareholders.