88 Energy Limited Placement to Raise A$6.75 million (1537M)
12 Settembre 2019 - 1:30PM
UK Regulatory
TIDM88E
RNS Number : 1537M
88 Energy Limited
12 September 2019
12(th) September 2019
88 Energy Limited
Placement to Raise A$6.75 million
88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM
88E) is pleased to advise that it has successfully completed a
bookbuild to domestic and international institutional and
sophisticated investors to raise up to A$6.75 million (the
"Placement") through the issue of up to 540 million ordinary shares
(the "New Ordinary Shares") at A$0.0125 (equivalent to GBP0.007)
per New Ordinary Share (the "Placement Price").
Funds raised pursuant to the Placement, together with the
Company's existing cash reserves (A$6.5 million as at 30 June
2019), will be used to fund the ongoing evaluation of the
conventional and unconventional prospectivity of the Company's
existing assets, including any potential costs in respect of the
Charlie-1 well which is due to be drilled in Q1 CY2020, and to
enable it to identify and exploit new opportunities on the North
Slope of Alaska.
This will include strengthening the Company's balance sheet and
to provide the Company with sufficient capital to:
-- fund potential costs of the Charlie-1 above the Premier Oil carry;
-- fund lease rental payments due on Alaskan acreage;
-- fund interest payments due on the Company's debt facility;
-- fund new venture opportunities; and
-- finance the Company's ongoing working capital requirements
and general and administrative overheads.
Commenting on the Placement, Dave Wall, Managing Director of 88
Energy, stated:
"Completion of this placement positions the Company strongly as
preparations continue for the drilling of the Charlie-1 (Malguk-1
appraisal) well, which will test multiple stacked conventional
targets, as well as the HRZ shale, in Q1 CY2020. Charlie-1 will be
funded up to US$23m by Premier Oil Plc, a highly credentialled
partner that has recently farmed in.
Drilling the Charlie-1 well will be a pivotal moment for the
Company as it seeks to unlock the large potential of the
conventional plays on the acreage.
We would like to thank our advisers and shareholders for their
continued support as we enter into this critical phase."
Hartleys Limited acted as Sole Lead Manager and Sole Bookrunner
to the Placement in Australia. Cenkos Securities plc acted as the
Company's Nominated Adviser and Sole Broker to the Placement in the
United Kingdom.
The issue of the New Ordinary Shares is not subject to
shareholder approval as the issuance will fall within the Company's
placement capacity pursuant to ASX Listing Rule 7.1A and is
conditional only on admission of the New Ordinary Shares to trading
on both the ASX and AIM ("Admission"). A total of 540,000,000
shares will be issued pursuant to 7.1A. The New Ordinary Shares,
which will rank pari passu with the existing ordinary shares in the
Company, with Admission and settlement scheduled for Friday, 20
September 2019.
Following the issue of the New Ordinary Shares, the Company will
have 6,871,540,324 ordinary shares in issue, all of which have
voting rights. The figure of 6,871,540,324 ordinary shares may be
used by shareholders as the denominator for the calculations by
which they will determine if they are required to notify their
interest in, or change their interest in, the Company.
Media and Investor Relations:
88 Energy Ltd
Dave Wall, Managing Director Tel: +61 8 9485 0990
Email: admin@88energy.com
Finlay Thomson, Investor Relations Tel: +44 7976 248471
Hartleys Ltd
Dale Bryan Tel: + 61 8 9268 2829
Cenkos Securities Tel: + 44 131 220 6939
Neil McDonald/Derrick Lee
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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September 12, 2019 07:30 ET (11:30 GMT)
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