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Brookside Energy embarks on $1.555 million capital raising in stabilising oil & gas environment

These initiatives are focused on strengthening the company’s balance sheet as activity ramps up in the Orion Project Joint Venture in Oklahoma, USA.

Brookside Energy Ltd - Brookside Energy appoints CPS Capital Group Pty Ltd as corporate advisor to entitlement offer and placement of options
The capital raising will be completed through a combination of a non-renounceable entitlement offer and an offer of new options

Brookside Energy Ltd (ASX:BRK) has embarked on a capital raising exercise and intends to raise up to approximately $1,255,625 in a non-renounceable pro-rata entitlement offer and up to $300,000 in an options offer.

The company has appointed CPS Capital Group Pty Ltd as its corporate advisor, broker and lead manager to the entitlement offer and placement of options.

These initiatives are focused on strengthening the company’s balance sheet as activity ramps up in the Orion Project Joint Venture in Carter Country Oklahoma, USA.

Brookside also intends to broaden its investor reach as the commodity price environment improves and shows early signs of stabilising, which will see its focus turn to development of acreage in the SWISH AOI in the Anadarko Basin of Oklahoma.

“Highly successful broker”

Managing director David Prentice said: “We are delighted to be working with the team at CPS Capital.

“CPS Capital is a highly successful Western Australian-based broker and corporate advisor with a strong record for supporting the resources sector.

“We are very much looking forward to partnering with CPS Capital as we continue to grow our business in the US and take advantage of the opportunities that are coming from this period in the cycle for oil and gas companies.

“There are some early signs of stability in the oil price and given the very strong economics of our SWISH AOI acreage we are monitoring this closely and are ready to respond quickly with our development plans for our Anadarko Basin acreage.”

Combination of offers

The capital raising will be completed through a combination of a non-renounceable entitlement offer and an offer of new options:

  • A non-renounceable pro-rata entitlement offer of around 251.125 million new shares to eligible shareholders on the basis of one new share for every four shares held at the record date at an issue price of 5 cents together with one free attaching new option; and
  • An offer of up to 300 million new options exercisable at 1.1 cents on or before June 30, 2022, at an issue price of 1 cent to raise up to $300,000 before costs, subject to shareholder approval.

Quick facts: Brookside Energy Ltd

Price: 0.006 AUD

ASX:BRK
Market: ASX
Market Cap: $7.69 m
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