The Wizard Lake Oil Field in Alberta, Canada, is being acquired from Whitebark subsidiary, Salt Bush Energy Ltd
Whitebark, via subsidiary Ironbark Energy Pty Ltd, has bid C$2 million, comprising C$336,000 in cash and C$1.664 million in forfeit of an existing loan from Whitebark to Salt Bush Energy.
The company is now seeking the lifting of the voluntary suspension of its securities, given the completion of the placement and approval to acquire the oil field from the Court of Queen’s Bench, Alberta.
Whitebark is now finalising its review of the oil field, which includes an assessment of booked 1P and 2P reserves currently being audited by an SPE accredited competent person in Canada.
In addition, Whitebark’s experienced, in-country technical team is currently considering potential performance enhancements of the existing Wizard Lake wells and multiple step-out drilling locations at the site.
Under the terms of the placement, the company has issued a total of 310 million ordinary shares to sophisticated and institutional investors at a price of $0.001 per share.
Placement participants will also receive one free attaching option for every two placement shares subscribed for, which will be exercisable at $0.002 per share with a two-year expiry.
Placement proceeds are to be applied to:
- The cash component of the acquisition of the Wizard Lake Oil Field; and
- General working capital requirements.
The placement shares and placement options were issued out of Whitebark’s available placement capacity under Listing Rule 7.1.
Whitebark will apply for quotation of the placement shares and all placement shares issued will rank equally with existing Whitebark shares on issue.