22nd Apr 2016 06:47
LONDON (Alliance News) - Oil and gas explorer 88 Energy Ltd on Friday said it has successfully completed a bookbuild to raise AUD25.0 million from institutional investors.
88 Energy said the deal was oversubscribed, resulting in the placing being increased to AUD25.0 million from an original target of AUD10.0 million to AUD15.0 million.
The 715.1 million shares will be issued at the equivalent of 1.9 pence per share. Shares in the company closed at 2.325p in London on Thursday.
88 Energy said the funds will be used to back the second phase of its Icewine gas project in Alaska, including costs related to the acquisition of further seismic data.
By Sam Unsted; [email protected]; @SamUAtAlliance
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