Proposed Capital Raising

RNS Number : 8223V

88 Energy Limited

20 April 2016

 

88 Energy Limited

 (the "Company") 

Proposed Capital Raising

Further to the Company's announcement earlier today regarding the trading halt and proposed capital raising, the Company confirms that it is currently seeking to obtain subscriptions for new ordinary shares at a price of 3.5 cents per share (£0.019 per share), to raise between AUS$10 million (c.£5.43 million) and AUS$15 million (c.£8.14 million).

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 the terms outlined above are indicative only and there can be no guarantee that a capital raising will be completed on these terms or at all.

For further information:

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

 

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