88 Energy Limited (ASX:88E) has announced successful completion of a bookbuild to international as well as domestic sophisticated and institutional investors with a view to raise approximately A$10.07 million under a Placement. To raise this capital, 88E intends to issue up to 1,678,333,334 fully paid ordinary shares at a per New Ordinary Share issue price of A$0.006.
The Company Directors also intend to participate in the Placement and approval regarding the same is sought from shareholders at the shareholder meeting, which is expected to be held towards the end of December 2020.
The funds secured through the Placement shall help to enhance 88E’s balance sheet and position it better to fund various exploration as well as general and administrative activities.
On 19 November 2020, 88E share price was up by 14.285% at $0.008 at AEDT 10:55 AM.