20th Nov 2015 08:13
LONDON (Alliance News) - 88 Energy Ltd on Friday said it has raised USD3.0 million from a placing to back the acquisition of new acreage at its Icewine oil and gas project in Alaska.
88 said it has issued 300.0 million shares at USD0.01 per share to raise the funds.
In addition to the placement, the company has offered eligible shareholders the opportunity to take part in a share purchase plan to raise another USD2.0 million.
The funds from the placing will be used to back the acquisition of additional acreage for its Alaska project, payments on the seismic data acquisition at Icewine and to cover ongoing exploration costs.
"The acquisition of the additional acreage was considered strategically important ahead of the results of Icewine 1 as we feel that we have a competitive advantage in identifying where the play may work," said Dave Wall, 88 Energy's managing director.
"Overwhelming support was shown by new and existing shareholders for the placement and our strategy at this exciting time for the company," Wall added.
88 Energy shares were up 9.9% in early trade to 0.588 pence, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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