Buru Energy Ltd (ASX:BRU, OTC:BRNGF) has opened its Share Purchase Plan (SPP), offering eligible shareholders the opportunity to subscribe for up to A$30,000 worth of new fully paid ordinary shares at an issue price of 2.0 cents per share, without incurring brokerage fees.
The SPP follows a successful placement announced on September 1, 2025, which raised approximately A$2 million from institutional, professional and sophisticated investors at the same price. The company is targeting up to A$3 million through the SPP. Should applications exceed this amount, the board may scale back allocations or accept oversubscriptions at its discretion.
Offer details
Participation in the SPP is optional. Eligibility is limited to shareholders who were registered holders of fully paid ordinary shares at 7:00pm (Sydney time) on Friday, August 29 2025, with an address in Australia or New Zealand.
Eligible shareholders may apply for up to 1,500,000 shares (valued at A$30,000), with applications to be made in specified increments as outlined in the offer documentation.
The SPP will close at 5:00pm (Sydney time) on Tuesday, September 30, 2025, unless extended or closed earlier at the board’s discretion.
Shares issued under the SPP will rank equally with existing shares, carrying the same voting rights and entitlements. Buru Energy advises shareholders to read the offer documentation carefully and seek independent advice if required.
Further information is available via the Buru SPP Information Line on 1800 810 859 (within Australia) or +61 1800 810 859 (outside Australia), Monday to Friday, between 8:30am and 5:30pm (Sydney time).
Funds to accelerate Rafael commercialisation
Buru will use the money to strengthen cash reserves and progress development of the Rafael Gas Project, where a final investment decision (FID) is targeted for the second half of 2026 and first cash flow is expected in early 2028.
Proceeds will support the company’s responsibilities under its Strategic Development Agreement with Clean Energy Fuels Australia (CEFA). These include securing an upstream development partner to fund the 2026 appraisal program, advancing Traditional Owner agreements, and progressing regulatory approvals. Other activities will cover detailed appraisal program design, joint gas and condensate marketing with CEFA, and support for a farm-out of the Mars oil prospect, which could also underpin a restart at the Ungani Oilfield.