07:00 Fri 24 Jan 2020
88 Energy Limited - Placement to Raise $5.0 million
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.
Placement to Raise
Capital raised pursuant to the Placement, together with the Company's existing cash reserves (
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
• 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,
"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
We would like to thank our advisers and shareholders for their continued support as we enter into this critical phase."
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,
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:
Email: admin@88energy.com
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
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of...
FOR OUR FULL DISCLAIMER CLICK HERE