Euroz Hartleys is today undertaking a placement of fully paid ordinary shares in Buru Energy Limited (ASX:BRU) (BRU) to raise between A$10 million to A$15 million (Placement).
The Placement is being undertaken at 15.0 cents (A$0.15) per share, representing a discount of 26% to the 10 day VWAP and a discount of 25% to the last closing price.
Euroz Hartleys has been appointed as Joint Lead Manager in respect of the Placement together with Aitken Murray Capital Partners.
In addition to the Placement, BRU intends to undertake an SPP to raise up to an additional $5 million.
Use of funds
Buru has confirmed to the Joint Lead Managers that funds raised pursuant to the capital raising will be used for:
- 2021 Canning Basin exploration program (Buru share of expenditure in excess of Origin carry in respect to the Kurrajong 1 and Rafael 1 wells);
- Ungani 8 development well and associated infrastructure (Buru’s 50% share);
- other exploration activities; and
- general working capital purposes.
