BPH Energy Announces Results of Non-Renounceable Rights Issue

In a latest update, diversified company BPH Energy Limited (ASX:BPH) has confirmed that its non-renounceable rights issue, announced on 23rd July 2020, has closed. The Company has also provided the results of the rights issue, which are as follows:

  • Net funds received were about $3.74 million: BPH notified that applications were attained for ~266.8 million shares totaling ~$4 million, which comprised applications for ~137.7 million shortfall shares totaling ~$2 million.

The total applications comprised applications for ~17.5 million shares totaling ~$262.1k to be settled by amounts owing to the applicants by the Company, including applications for ~774k shortfall shares totaling ~$11.6k.

  • Plan to raise up to ~$2.42 million: BPH informed that a maximum of ~161.3 million shares and ~80.6 million new options will be issued pursuant to the offer to raise up to ~$2.42 million. This will be based on the capital structure of the Company as at the date of the non-renounceable rights issue Prospectus.
  • Date of Issue of Shares: The Company mentioned that the issue of shares will occur on 31st August 2020, with the quotation on the ASX on 1st September 2020, subject to confirmation with ASX.

The funds raised from the non-renounceable rights issue will be applied to BPH’s investments, including an exploration into oil and gas. The fund raising, along with BPH’s cash position, seem to be putting the company in a strong position to continue these objectives.

BPH traded at $0.031 mid-day on 28 August 2020.

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