Proposed Placing to raise up to A$17 million
Mon, 30th Apr 2018 07:01
RNS Number : 4814M
88 Energy Limited
30 April 2018
88 Energy Limited
Proposed placing to raise up to A$17 million
88 Energy Limited ("88 Energy" or the "Company") (ASX, AIM: 88E) today announces that it proposes to raise approximately A$12 million with the ability to take oversubscriptions of up to A$5 million (before expenses) pursuant to a conditional placing of new ordinary shares of no par value in the Company (or, as the case may be, depository interests representing such ordinary shares) (the "Placing Shares") at a price at or around A$0.037 (equivalent to £0.02) (the "Placing Price"), (together, the "Placing"). The Placing Price is equivalent to a on the Australian Securities Exchange ("ASX") . 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 in the UK through a bookbuilding process (the "Bookbuild"), which is being managed by Cenkos Securities plc ("Cenkos") in the UK and Hartleys Limited ("Hartleys") in Australia.
The Bookbuild will open with immediate effect following release of this announcement. The number of Placing Shares to be issued in the Placing, and the price at which such Placing Shares are to be issued in the Placing (the "Placing Price"), will be agreed by Cenkos, Hartleys and the Company at the close of the Bookbuild. The timing of the closing of the Bookbuild, pricing and allocations are at the discretion of Cenkos, Hartleys and the Company. Details of the Placing Price and the number of Placing Shares to be issued will be announced as soon as practicable after the close of the Bookbuild.
Current trading and activity
The Company released an operations update on 6th April 2018 regarding its projects located on the North Slope of Alaska and, on 18 April 2018, released an updated corporate presentation which is available on the Company's website at www.88energy.com.
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