88 Energy Limited Placement to Raise $5.0 million (7945A)
24 Gennaio 2020 - 8:00AM
UK Regulatory
TIDM88E
RNS Number : 7945A
88 Energy Limited
24 January 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN
ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR"). UPON
THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS
NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
88 Energy Limited
Placement to Raise $5.0 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 A$5.0 million before costs (the
"Placement") through the issue of 238,095,238 ordinary shares (the
"New Ordinary Shares") at a price of A$0.021 (equivalent to
GBP0.011) per New Ordinary Share .
Capital raised pursuant to the Placement, together with the
Company's existing cash reserves (A$15.9 million as at 31 December
2019, inclusive of Joint Venture cash), will be used to fund the
ongoing evaluation of the conventional and unconventional
prospectivity of the Company's existing assets, including its share
of any potential costs (over the US$23 million farm-out cap) in
respect to the Charlie-1 well, which is due to spud in February
2020, and to enable it to identify and exploit new opportunities on
the North Slope of Alaska.
Strengthening the Company's balance sheet at this time provides
the Company with sufficient capital to:
-- fund potential costs of the Charlie-1 appraisal well above
the Premier Oil carry (carry up to a total of US$23 million) -
drilling planned for February 2020 spud;
-- fund lease rental payments on the Company's Alaskan acreage;
-- fund interest payments 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:
"The decision by the Board to raise additional funds at this
time was for several reasons, namely: unsolicited demand for
investment at a premium to the most recent placement in September
2019; and a subsequent incremental increase in the well cost due to
high grading of the quality of the evaluation program.
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.
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 7.1 and 7.1A. A
total of 144,941,206 shares will be issued pursuant to Listing Rule
7.1 and 93,154,032 shares will be issued pursuant to Listing Rule
7.1A. The New Ordinary Shares will rank pari passu with the
existing ordinary shares in the Company. Application has been made
for admission of the New Ordinary Shares to trading on AIM
("Admission"), with Admission and settlement scheduled for Monday,
3 February 2020.
Following the issue of the New Ordinary Shares, the Company will
have 7,109,635,562 ordinary shares in issue, all of which have
voting rights. The figure of 7,109,635,562 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
IOEPPUUPGUPUPPW
(END) Dow Jones Newswires
January 24, 2020 02:00 ET (07:00 GMT)
Grafico Azioni 88 Energy (LSE:88E)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni 88 Energy (LSE:88E)
Storico
Da Apr 2023 a Apr 2024