1st May 2018 13:32
LONDON (Alliance News) - Oil and gas exploration firm 88 Energy Ltd said Tuesday it raised AUD17 million through a "significantly oversubscribed" placing.
88 Energy has conditionally placed 460.8 million shares at AUD0.037 each to raise gross proceeds of AUD17 million or GBP9.3 million. On Monday, 88 Energy planned to raise at least AUD12 million with the potential to extend this to AUD17 million in the event of oversubscription.
88 Energy said the placing was "significantly oversubscribed."
On Monday, 88 Energy explained the funds raised will be used to for its ongoing evaluation of its existing assets as well as to enable it to identify and exploit new opportunities on the North Slope of Alaska. It will also be used to strengthen the company's balance sheet.
After admission - expected next Wednesday - 88 Energy will have 5.56 billion shares outstanding.
Shares in 88 Energy were 2.4% lower at 2.17 pence on Tuesday.
Related Shares:
88 Energy