30th Aug 2023 18:37
88 Energy Ltd - Alaska-focused oil explorer - Completes shortfall offer placement from the non-renounceable rights issue at an issue price of AUD0.006 per share. The rights issue closed on August 22 with the company issuing around 553 million new shares. As a result of the strong inbound demand received from other investors during the rights issue and subsequent shortfall offer process, company has received firm commitments to place in full all new shares not taken up in the rights issue, representing around 1.46 billion shares.
Proceeds of the rights issue and shortfall offer of AUD8.0 million will strengthen the balance sheet and provide further capital to fund 88 Energy's share of the Hickory-1 well flow test at Project Phoenix.
Current stock price: 0.31 pence, down 3.8% on Wednesday in London
12-month change: down 36%
By Jeremy Cutler, Alliance News reporter
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