20th Apr 2016 14:30
LONDON (Alliance News) - Oil and gas explorer 88 Energy Ltd on Wednesday said it is seeking to obtain subscriptions for shares to raise between AUS10.0 million and AUS15.0 million, after its Australia-listed shares were placed on a trading halt earlier in the day.
88 Energy said it will be offering the subscription of shares at a price of 3.5 cents per share.
The capital raise will be done using its existing authorities and will therefore not require shareholder approval, 88 Energy said.
The company said there can be no guarantee that a capital raising will be completed on these terms or at all.
Shares in the company remain trading on AIM in London and were up 5.1% at 2.26 pence on Wednesday afternoon.
By Sam Unsted; [email protected]; @SamUAtAlliance. Updated by Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
88 Energy