88E 7.69% 1.4¢ 88 energy limited

Proposed placing to raise up to A$10 million

  1. 49 Posts.

    88 Energy Limited ("88 Energy" or the "Company") (ASX, AIM: 88E) today announces that it proposes to raise up to A$10 million (before expenses) 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$0.0125 (equivalent to £0.007) (the "Placing Price"). The Placing Price is equivalent to a 20on the Australian Securities Exchange ("ASX") 10. 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 Hartleys Ltd. ("Hartleys") 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, Hartleys and the Company at the close of the Bookbuild. The timing of the closing of the Bookbuild and allocations are at the discretion of Cenkos, Hartleys 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.

    Current trading and activity

    The Company released its quarterly report for the three-month period to 30 June 2019, including a summary of events subsequent to the period, on 31 July 2019. As at 30 June, the Company had cash resources of A$6.7m, including cash balances held in joint venture bank accounts relating to joint venture partner contributions totalling A$0.4m.

    In addition, the Company released an operations update on 23 May 2019 regarding its projects located on the North Slope of Alaska and, on 2 September 2019, released an updated corporate presentation which is available on the Company's website at www.88energy.com.
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