Highlights
- Bounty Oil & Gas has extended the rights issue deadline to 20 December 2024, aiming to raise AU$1.5 million.
- The rights issue offers over 374.6 million shares at 0.4 cents per share, on a 1-for-4 basis.
- Eligible shareholders can apply for additional shares through the company’s shortfall offer.
- Funds raised will support oil projects in Queensland and gas exploration opportunities in Western Australia.
Bounty Oil & Gas N.L. (ASX:BUY), an Australian oil producer & explorer, has extended the closing date for its non-renounceable rights issue to Friday, 20 December 2024. The extension provides eligible shareholders with additional time to claim their entitlements. The rights issue was first announced on 18 November 2024.
Proceeds to Fund Queensland Oil Projects
The company will use the funds from the rights issue to support oil development and production at its Queensland projects, with an initial drilling campaign planned for the Surat Basin in early 2025. The remaining funds will be used for working capital and assessing gas exploration opportunities in Western Australia.
The share price of BUY was AU$0.0040 apiece at the time of writing on 05 December 2024.