logo-loader

88 Energy launches A$10mln share placing to fund Alaska exploration

Published: 18:28 17 Nov 2020 AEDT

88 Energy Ltd - 88 Energy  launches A$10mln share placing to fund Alaska exploration

88 Energy Ltd (LON:88E) has launched a new A$10mln share placing to fund its continuing exploration work in Alaska’s North Slope.

New shares will be sold at a price of 0.6 Australian cents (equivalent to 0.33p) per share. It represents a 25% discount to the closing price on Monday November 16, and, 13.6% on the volume-weighted price over the preceding 30 days.

READ: Cenkos tips 88 Energy for substantial upside

The explorer – which is presently advancing farm-outs for its Peregrine and Icewine projects – said the fundraise will support the ongoing evaluation of the conventional and unconventional prospectivity.

It is also expected to allow the company to identify and exploit new opportunities on the North Slope of Alaska.

Specifically, it highlighted that the proceeds will strengthen the company's balance sheet, fund 88 Energy’s share of potential costs of drilling at Peregrine, fund payments due in Alaska over the next twelve months, fund new venture opportunities and provide working capital.

The placing is being pursued via a bookbuilding process managed by Cenkos in the UK and EurozHartleys Ltd in Australia.

FTSE 100 on the slide again as US inflation numbers continue to spook investors

FTSE 100 was on the slide again as yesterday’s US inflation numbers continue to spook investors. London’s blue-chip index was down 71 at 7,084. Barratt Developments shares sank despite a positive trading update from the housebuilder, with profit before tax expected to be slightly ahead of...

on 14/7/22