Eon NRG Announces The Repricing of E2EO Options

Oil and Gas exploration company, Eon NRG Limited (ASX: E2E) has reviewed the terms of the E2EO options and it has changed the exercise price of the options from A$0.02 per option to A$0.0188 per option. The exercise price has been reduced as per the formula provided in the prospectus of the renounceable pro-rata offer. Further, the options are having an expiry date of 29 November 2019.

This announcement came after the company completed its pro-rata renounceable entitlement offer and raised a total of ~$2.544 million before costs from that offer. The company has announced that the offer was well supported by Eon’s shareholders and new investors. CPS Capital Group Pty Ltd was the lead manager and underwriter to this issue. The company has already allotted 363,499,774 New Shares and 363,499,774 New Options.

In addition to that, the Company also issued 8 million new options to CPS Capital Group Pty Ltd or its nominees in accordance with the mandate to act as the lead manager and underwriter for the Renounceable Rights Issue.

Under the pro-rata renounceable entitlement offer, the company was seeking to issue up to 406,389,160 New Shares and 406,389,160 new options to raise up to approximately $2.845 million (before costs) if fully subscribed.

The offer of new shares and new options was comprised of an Entitlement Offer and a Shortfall Offer. The Entitlement Offer was offering one new share for every existing share held at the record date (11 February 2019) at an issue price of $0.007 per new share plus 1 additional option for every Share issued to raise around $2.845 million (before costs).

As per the prospectus, the funds from this offer will be used for working capital including permitting and drilling costs on the Powder River Basin project. In September 2018, the company had acquired 15,000 acres of oil and gas leases in PRB, in order to drill well at this region and increase its oil production capacity.

The company recently released its preliminary final report for the year ended 31 December 2018. As per the report, the company earned revenue from ordinary activities of US$4.982 million in 2018 which was 21% higher than the previous corresponding period. The revenues were majorly driven by the rise of oil production and higher average oil prices (2018: $65.14/barrel v 2017: $48.45/barrel). In 2018, the company sold 54,144 barrels of oil as compared to 44,949 barrels of oil in 2017. The increase in the oil sale volume is driven by the addition of the Borie Field which was acquired by Eon in the third quarter of 2017.

Now, let’s have a glance at the company’s stock performance and the return it has posted over the past few months. The stock is trading at a price of $0.007 with a market capitalization of ~$5.69 Million as on 6 March 2019 (AEST 03:37 PM). The stock has provided a year-till-date return of -1.56% & also posted returns of 12.50%, -39.42% & -1.56% over the past six months, three & one-months period respectively. It has a 52-week high price of $0.031 with an average volume of ~6,180,465.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above article is sponsored but NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) under discussion. We are neither licensed nor qualified to provide investment advice through this platform.

Top 25 Dividend Stocks report for April

People prefer a dividend stock in their portfolio as it possesses the feature of compounding. Compounding means that the earning which is generated through these dividend stock will get reinvested and will eventually create earnings from earning. More precisely, the dividend generated from these dividend stock will get reinvested to buy another set of a share of the dividend stock which results in giving a higher dividend.

Click here to download your top 25 dividend stocks report!

6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report

LEAVE A REPLY

Please enter your comment!
Please enter your name here