Issue of Equity

RNS Number : 3511C

88 Energy Limited

22 February 2022

 

22 February 2022

88 Energy Limited

("88 Energy" or the "Company")

Issue of Equity

88 Energy  (ASX:88E, AIM: 88E, OTC:EEENF) confirms that pursuant to the Company's acquisition of ~73% average net non-operated working interest in established conventional onshore production assets within the Permian Basin of Texas, U.S (the "Acquisition"), the Company has issued 155,480,417 fully paid ordinary shares ("Consideration Shares") to the vendor, Lonestar I, LLC, in connection with the Acquisition and associated capital development program. Further details of the Acquisition are set out in the notification released by the Company on 21 February 2022.

On 14 February 2022, the Company announced that it had successfully completed an oversubscribed placing to raise A$32 million, through the issue of 914,285,714 fully paid ordinary shares in the Company (the "Placing Shares") at an issue price of A$0.035 (equivalent to £0.018) per Placing Share (the "Placing Price").  The Company confirms that it has today issued a further 4,365,079 fully paid ordinary shares in connection with the Placing (the "Additional Placing Shares"), at the Placing Price, to raise additional proceeds of A$152,778.

Following the issue of the Consideration Shares, Placing Shares and Additional Placing Shares, which rank pari passu to the existing ordinary shares in the Company, the Company has a total of 15,885,207,406 ordinary shares in issue, all of which have voting rights. The figure of 15,885,207,406 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.

Application has been made for admission of the Placing Shares to trading on AIM, which is expected to occur on 22 February.  Application has also been made for admission of the Consideration Shares and the Additional Placing Shares to trading on AIM, which is expected to occur on 25 February 2022. 

Media and Investor Relations:

88 Energy Ltd Ashley Gilbert, Managing Director	Tel: [phone] Email: [e-mail]
Finlay Thomson, Investor Relation	Tel: [phone]
Fivemark Partners, Investor and Media Relation Andrew Edge / Michael Vaughan	Tel: [phone] Tel: [phone]
EurozHartleys Ltd Dale Bryan	Tel: + 61 8 9268 2829
Cenkos Securities Neil McDonald / Derrick Lee	Tel: + 44 131 220 6939

 

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