11th Sep 2019 12:02
(Alliance News) - 88 Energy Ltd is planning to raise up to AUD10 million, or GBP5.6 million, in a share placing to go towards further development of the company's assets, the company said Wednesday.
88 Energy has interests in Alaska, at the Icewine project, as well as some Yukon Gold leases, which holds a prospective resource of 89.6 million barrels of oil.
The company will place shares at a price of AUD0.0125, a 20% discount to the firm's 30-day volume weighted average price in Sydney up to Tuesday. 88 Energy shares were 2.4% lower in London on Wednesday shortly before midday, at 0.71 pence each.
"The proceeds of the placing, together with the company's existing cash reserves, will be used to fund the ongoing evaluation of the conventional and unconventional prospectivity of the company's existing assets, including any potential costs in respect of the Charlie-1 well which is due to be drilled in first quarter 2020, and to enable it to identify and exploit new opportunities on the North Slope of Alaska," said 88 Energy.
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