88 Energy (ASX: 88E) announces AU$12M fundraising to fuel O&G exploration portfolio

July 31, 2023 11:25 AM AEST | By Sonal Goyal

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88 Energy (ASX: 88E) announces AU$12M fundraising to fuel O&G exploration portfolio — Image source: Company PPT

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Highlights

88E is eyeing to raise up to AU$12 million through a right issue.

Proceeds will be directed towards ongoing activities across the company’s oil & gas exploration portfolio.

88E has established a Small Holding Sale Facility for “Less than Marketable Parcels” holders.

Australian energy company 88 Energy Limited (ASX: 88E) has announced a non-renounceable rights issue with the intent to raise up to AU$12 million. The proposed offer is one new share for ten shares held by the shareholders as of the record date – 4 August 2023, at an issue price of AU$0.006 per share.

The offer price represents a 15% discount to the 15-day VWAP of AU$0.007 apiece. Under the right issue, 88E seeks to issue ~2 billion new shares.

The proceeds from the fundraising will be directed towards ongoing activities across the oil & gas exploration portfolio of 88E.

The company has also announced a small holding sale facility, wherein small shareholders can sell their shares without paying brokerage fees. With this, 88E intends to decrease the administrative costs of maintaining many small holdings.

Data source: Company update

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