88 Energy Limited - Result of Placing
Result of Placing
Specifically, the net proceeds will be applied towards:
· Drilling and/or production testing, if appropriate, at the upcoming (Q1 2019) Winx-1 exploration well;
· Ongoing lease rental payments to maintain the current lease portfolio in good standing;
· Continued evaluation of geological potential across the asset portfolio;
· Fund interest payments on the Company's debt facility; and
· Finance the Company's ongoing working capital requirements and provide capital for any additional growth initiatives.
Commenting on the success of the Placing,
"We would like to thank our advisers and shareholders for their continued support as we enter a potentially transformational period for the Company, which includes a possible farm-out by year-end followed by the spud of the Winx-1 exploration well in the first quarter of 2019."
In accordance with the terms of the Rights Issue, the New Ordinary Shares will be issued on or about Tuesday,
Application will be made for admission of the New Ordinary Shares to trading on AIM ("Admission"), with Admission expected to occur on
Following the issue of the New Ordinary Shares, the Company will have 6,331,540,324 ordinary shares in issue, all of which have voting rights. The figure of 6,331,540,324 ordinary shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change their interest in, the Company.
Media and Investor Relations:
Email: [email protected]
Cenkos Securities Tel: + 44 131 220 6939
Neil McDonald/Derrick Lee
This information is provided by RNS, the news service of the
Quick facts: 88 Energy Ltd
Market Cap: £22.99 m
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