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Whitebark Energy directors demonstrate confidence in oil & gas strategy through entitlement issue participation

The company’s Wizard Lake Oilfield facilities in Canada have been upgraded to allow the processing of gas from the Rex-2 and Rex-3 wells.

Whitebark Energy Ltd - Whitebark Energy board of directors demonstrate confidence in oil and gas strategy through participation in entitlement issue
The non-renounceable entitlement issue announced on June 30 raised A$2.98 million

Whitebark Energy Ltd (ASX:WBE) directors have demonstrated confidence in the company’s oil & gas strategy through participation in the recent $2.98 million non-renounceable entitlement issue.

Chairman Charles Morgan, managing director David Messina and executive director Stephen Keenihan all participated through the purchase of shares.

Change of directors interest notice

Morgan acquired more than 83.333 million shares worth $250,000, increasing the total number of securities held to more than 255 million.

Messina purchased more than 8.333 million shares worth $25,000, increasing his total number of securities held to almost 54 million.

Keenihan also acquired more than 8.333 million shares, increasing the total number of securities held after the change to more than 100 million.

Rights issue raised A$2.98 million

After receiving strong support from shareholders, the company closed the entitlement issue on July 30 having raised A$2.98 million, before costs.

The company issued 995,279,563 shares in accordance with the offer timetable and anticipated allocating the remaining shortfall of 18,126,777 shares for $54,380 within the following seven days.

Funds will be used for the acquisition of land mineral leases, Wizard Lake field maintenance and workovers and working capital comprising operational and capital costs accrued and pending.

Adelaide Equity Partners acted as lead manager and Baker Young Ltd as lead underwriter.

Quick facts: Whitebark Energy Ltd

Price: 0.003 AUD

ASX:WBE
Market: ASX
Market Cap: $12.19 m
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Whitebark Energy raising funds to support field development and production...

Whitebark Energy Ltd's (ASX:WBE) David Messina provides an update on the company's Wizard Lake Operations in Canada and the current partially underwritten entitlement issue to raise $A3 million announced last week. These funds will support Wizard Lake improvements and land...

on 6/7/20

2 min read