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88 Energy continues ongoing rights issue process, offer documents published

The company said it reserves the right to undertake a placing of any shortfall shares to institutional investors
oil and gas operations
Shareholders can buy new shares at 1p each

88 Energy Ltd (LON:88E) has issued a statement confirming the next steps in its proposed £7.96mln rights issue.

The funding effort aims to cover the costs of production testing at the Winx-1 exploration well, in addition to possible cost overruns, lease rentals, interest costs, and ongoing geological and geophysical work.

READ: 88 Energy launches £7.96mln funding for new exploration activity

It confirmed that it is offering eligible shareholders the opportunity to acquire one new share for every seven that they own. The rights issue is priced at 1p per new share.

The company noted that it reserves the right to undertake a placing of any shortfall shares to institutional investors.

Letters will now be sent to eligible shareholders, with an offer document dated 5 October.

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