88 Energy (ASX: 88E) raises AU$3.3M from right issue, eyes another AU$8M from shortfall offer

August 29, 2023 12:39 PM AEST | By Sonal Goyal

88 Energy (ASX: 88E) raises AU$3.3M from right issue, eyes another AU$8M from shortfall offer — Image source: Company PPT

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Highlights

88 Energy has completed the right issue of one share for every ten shares held at an issue price of AU$0.006 apiece.

AU$3.3 million has been raised through the right issue.

The proceeds will be employed to boost activities across Project Phoenix, Project Leonis and Project Longhorn.

ASX-listed energy company 88 Energy Limited (ASX: 88E) shared that it has completed a non-renounceable rights issue for one new share in the company for every ten shares held at AU$0.006 apiece (issue price).

The right issue was closed on 22 August 2023.

Under the right issue, 553,070,348 new shares will be issued to eligible shareholders. It comprises 342,496,374 shares for entitlement taken by the shareholders and 210,573,974 shares for additional subscriptions received from the shareholders.

The company raised AU$3.3 million, before costs from the right issue. The proceeds will be used to fund the company's share of the Hickory-1 well flow test at Project Phoenix, development wells for production growth at Project Longhom and planning and getting permits for prospective new wells at Project Leonis.

88E seeks to place more than 1 billion shares to raise another AU$8.75 million through a shortfall offer. These shares were not taken up under the right issue.

88E shares last traded at AU$0.006 apiece.

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