leadf
logo-loader
view88 Energy Ltd

88 Energy launches A$10mln share placing to fund Alaska exploration

It comes as the explorer is advancing farm-out efforts for the Peregrine and Icewine projects, which both come with blue-sky resource potential.

88 Energy Ltd - 88 Energy  launches A$10mln share placing to fund Alaska exploration

88 Energy Ltd (LON:88E) has launched a new A$10mln share placing to fund its continuing exploration work in Alaska’s North Slope.

New shares will be sold at a price of 0.6 Australian cents (equivalent to 0.33p) per share. It represents a 25% discount to the closing price on Monday November 16, and, 13.6% on the volume-weighted price over the preceding 30 days.

READ: Cenkos tips 88 Energy for substantial upside

The explorer – which is presently advancing farm-outs for its Peregrine and Icewine projects – said the fundraise will support the ongoing evaluation of the conventional and unconventional prospectivity.

It is also expected to allow the company to identify and exploit new opportunities on the North Slope of Alaska.

Specifically, it highlighted that the proceeds will strengthen the company's balance sheet, fund 88 Energy’s share of potential costs of drilling at Peregrine, fund payments due in Alaska over the next twelve months, fund new venture opportunities and provide working capital.

The placing is being pursued via a bookbuilding process managed by Cenkos in the UK and EurozHartleys Ltd in Australia.

Quick facts: 88 Energy Ltd

Price: 0.585 GBX

AIM:88E
Market: AIM
Market Cap: £62.37 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

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

Market Report: FTSE brushes off record UK Covid-19 cases as vaccine optimism...

FTSE 100 started on the front foot although daily cases of Covid-19 in the UK topped 60,000 for the first time on Tuesday. London’s leading index advanced 31 points to 6,643 in early trading. The latest Covid figures have revealed that one in 50 people in private households in England had...

1 week, 2 days ago

2 min read