The company said it reserves the right to undertake a placing of any shortfall shares to institutional investors
() has issued a statement confirming the next steps in its proposed £7.96mln rights issue.
The funding effort aims to cover the costs of production testing at the Winx-1 exploration well, in addition to possible cost overruns, lease rentals, interest costs, and ongoing geological and geophysical work.
It confirmed that it is offering eligible shareholders the opportunity to acquire one new share for every seven that they own. The rights issue is priced at 1p per new share.
The company noted that it reserves the right to undertake a placing of any shortfall shares to institutional investors.
Letters will now be sent to eligible shareholders, with an offer document dated 5 October.
NO INVESTMENT ADVICE
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 securities, transaction, or investment strategy is...
In exchange for publishing services rendered by the Company on behalf of 88 Energy Ltd named herein, including the promotion by the Company of 88 Energy Ltd in any Content on the Site, the Company receives from said...
FOR OUR FULL DISCLAIMER CLICK HERE