ASX Trading Halt and Proposed Capital Raising

RNS Number : 2949Y

88 Energy Limited

02 March 2017

 

This announcement contains inside information

88 Energy Limited

(the "Company")  

ASX Trading Halt and Proposed Capital Raising 

88 Energy Limited (the "Company") announces that its shares have been placed in a trading halt on the Australian Securities Exchange ("ASX") pending the release of an announcement in relation to a potential capital raising.

Indicatively, the Company is seeking to raise gross proceeds of up to A$17 million (c.£10.6 million) at an issue price at or around A$0.037 (£0.023) per share. The shares in the Company will continue to trade on AIM during this period.

It is currently intended that any such capital raising will utilise the Company's existing authorities and will not be subject to shareholder approval.  The Company confirms that no terms for any such capital raising have been agreed and there can be no guarantee that a capital raising will be completed.

For further information:

Australia 88 Energy Ltd [e-mail] [phone] United Kingdom Cenkos Securities Plc As Nominated Adviser Mr Neil McDonald  Tel: [phone] Mr Derrick Lee Tel: [phone]

 

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