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Whitebark Energy’s SPP raises $855,000 to accelerate Wizard Lake Oil & Gas Project development

The capital raising included a $3.8 million placement to institutional, sophisticated and professional investors.

Whitebark Energy Ltd - Whitebark Energy’s SPP raises $855,000 to accelerate Wizard Lake oil and gas project development
After completing Rex-2, the Rex-3 well is on track to be spud by the end of the year

Whitebark Energy Ltd (ASX:WBE) has raised $855,000 in a share purchase plan (SPP) to accelerate development at the Wizard Lake Oil & Gas Project in Canada.

The SPP, which was part of an overall capital raising including a $3.8 million placement, was announced on September 26 and closed on Friday, October 18.

There were subscriptions received for 106.875 million shares at 0.8 cents per share and the new shares are expected to be issued on Wednesday, October 23.

Wizard Lake project

Funds raised will enable the company to bring forward timeline deliverables of Rex-3 drilling in order to earn a 50% project interest and move Rex-3 into a production profile as soon as possible.

It will also allow Whitebark to continue to pursue growth opportunities through exploration and acquisition activities.

Managing director David Messina said: “Oil market conditions have unexpectedly improved in the short term, so we have taken this opportunity to fast-track our whole program and provide additional flexibility to pursue corporate growth opportunities.”

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Price: 0.008 AUD

ASX:WBE
Market: ASX
Market Cap: $20.36 m
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Full interview: Whitebark Energy completes $3.8 million capital raising to...

Whitebark Energy Limited (ASX: WBE) managing director David Messina updates Proactive on the completion of a $3.8 million capital raising to fast-track the Wizard Lake project development in Canada. The new funds will mainly be used to accelerate the upgrade of infrastructure to handle the...

on 26/9/19

2 min read