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Highlights
- The entitlement offer deadline has been extended to 17 January 2025 due to the holiday period.
- The offer aims to raise approximately AU$1.5 million before costs.
- A shortfall facility allows eligible shareholders who fully take up their entitlement to apply for additional shares beyond their pro rata entitlement.
- Proceeds will support ongoing oil production and the development of Surat Basin oil reserves and resources.
Bounty Oil & Gas N.L. (ASX:BUY) has extended the closing date for its pro-rata non-renounceable rights issue due to the Christmas/New Year break, giving eligible shareholders more time to participate. The deadline, originally set for 10 January 2025, has been extended to 17 January 2025.
Key Details of the Entitlement Offer:
- Offer Size: Up to 374,625,245 shares.
- Terms: 1-for-4 basis at an issue price of 0.4 cents per share.
- Target Capital Raise: Approximately AU$1.5 million before associated costs.
The offer includes a shortfall offer, allowing eligible shareholders who have fully subscribed to their entitlements to apply for additional new shares, with the previous cap of up to 50% on additional shares no longer in place.
Bounty’s CEO and directors have confirmed they intend to take up their full entitlements, amounting to approximately AU$51,000 in shares.
Use of Funds
The proceeds will support Bounty’s ongoing oil production and the development of its Surat Basin oil resources and reserves.
BUY has a market cap of AU$4.49 million.
