There were 18 million new fully paid ordinary shares issued at of 2.75 cents per new share, which represents a discount of 32% to the company’s 15-day VWAP of 4.1 cents, and only a slight discount to the last traded price of 2.9 cents.
Shares have traded up to 24% higher today to 3.6 cents and are up from 1.6 cents at close on April 14.
The allotment of up to 18 million new shares will be issued within the company’s 15% placement capacity under ASX Listing Rule 7.1 and additional 10% placement capacity under ASX Listing Rule 7.1A.
These new shares will be issued on or around May 27, 2020, subject to receipt of funds.
Proceeds and pre-FEED
The net proceeds of the placement strengthen the company’s balance sheet and provide important funding to company exploration activities.
The binding agreement with APA is for the provision of midstream infrastructure and services related to gas that will potentially be produced from the field.
Judith is within the 100% Emperor Energy-owned VIC/P47 Permit in the offshore Gippsland Basin and is near existing gas production facilities operated by APA.