Elk Petroleum Limited (ASX:ELK) announced a private placement of 184,931,506 common shares at a price of AUD 0.073 per share for gross proceeds of AUD 13,500,000 on May 9, 2018. The transaction will include participation from existing institutional, professional and sophisticated investors. The company will pay no finders' fees in the transaction. The transaction will be issued in two tranches. The first tranche of 164,466,639 shares for gross proceeds of AUD 12,000,000 is expected to close on May 18, 2018 and the second tranche for AUD 1,500,000 is expected to close in the last two weeks of June 2018. The second tranche is subject to approval from shareholder’s approval.