Only a 10% fall on the Aim market. Announcement taken from the...

Only a 10% fall on the Aim market.
Announcement taken from the Aim market as they don’t halt in trading



88 Energy Limited

Proposed placing to raise up to A$15 million

88 Energy Limited ("88 Energy" or the "Company") (ASX, AIM: 88E) today announces that it proposes to raise up to A$12.0 million (£6.8 million) (before expenses), with the ability to accept over-subscriptions to increase the total amount raised to up to A$15.0 million (£8.1 million) within the Company's existing placement capacity, pursuant to a placing (the "Placing") of new ordinary shares of no par value in the Company (the "Placing Shares") at a price per Placing Share of A$0.0095 (equivalent to £0.0055) (the "Placing Price"). The Placing Price is equivalent to a discount of 20.8 % to the closing price of the Company's shares on the Australian Securities Exchange ("ASX") on 1 February 2023, being the latest practicable date prior to this announcement, and a discount of 20% to the volume weighted average price on the ASX for the ten days to 1 February 2023. The Company also announces that its shares have been placed in a trading halt on the ASX pending the release of an announcement in relation to the completion of the Placing.

The Placing is being conducted through a bookbuilding process (the "Bookbuild"), which is being managed by Cenkos Securities plc ("Cenkos") in the UK (the "UK Placing") and EurozHartleys Ltd ("EurozHartleys") in Australia (the "Australian Placing").

The Bookbuild will open with immediate effect following release of this announcement. The number of Placing Shares to be issued in the UK (the "UK Placing Shares") and in Australia (the "Australian Placing Shares") will be agreed by Cenkos, EurozHartleys and the Company at the close of the Bookbuild. The timing of the closing of the Bookbuild, the amount to be raised and allocations are at the discretion of Cenkos, EurozHartleys and the Company. Details of the number of Placing Shares to be issued will be announced as soon as practicable after the close of the Bookbuild. The Company intends to rely on the Company's placement capacity pursuant to ASX Listing Rule 7.1 to issue up to a maximum of 1,578,947,368 new ordinary shares (equivalent to maximum gross proceeds of approximately A$15.0million (£8.1 million), such that shareholder approval will not be required for the Placing.