Brookside Energy Ltd (ASX:BRK) directors have demonstrated their faith in the company’s oil and gas exploration strategy by participating in a non-renounceable pro-rata entitlement offer.
The company embarked on a capital raising exercise on August 3, with the one for four entitlement offer at an issue price of A$0.005 raising $758,615.
Brookside is now working with the lead manager, CPS Capital Group Pty Limited, to place the shortfall representing 99,402,537 new shares.
This offer also included one free attaching new option exercisable at A$0.011 on or before June 30, 2022, for every one new share subscribed.
Change of director interests
Chairman Michael Fry acquired 1.375 million shares on August 27 in an indirect interest, increasing the number of securities held to 6.875 million shares.
Managing director David Prentice purchased almost 2.5 million shares with a value of $12,500 in an indirect interest and now holds almost 13 million shares.
Non-executive director Richard Homsany acquired 800,000 shares in various direct and indirect interests, increasing the number of securities held after the change to 4 million across these five interests.
Brookside appointed CPS Capital Group Pty Ltd as corporate advisor, broker and lead manager to the entitlement offer and placement of options.
Managing director David Prentice said: “We are very much looking forward to partnering with CPS Capital as we continue to grow our business in the US and take advantage of the opportunities that are coming from this period in the cycle for oil and gas companies.