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  • A day after announcing a capital raise, 88 Energy (88E) has successfully completed a bookbuild to raise up to $10.07 million
  • More than 1.67 billon fully-paid ordinary shares will be issued to domestic and international institutional and sophisticated investors at 0.6 cents
  • Each of the directors are intending to participate in the placement, however, this is subject to shareholder approval
  • 88 Energy will use the money to fund the well costs for Project Peregrin, fund interest payments for its debt facilities, and fund new venture opportunities
  • The company has ended the day 12.5 per cent in the red with shares trading for 0.7 cents each

88 Energy (88E) has successfully completed a bookbuild to raise up to $10.07 million.

Just yesterday, the company entered a trading halt but did not announce how much it would be raising or what it will use the funds for.

All up, 1,678,333,334 fully-paid ordinary shares will be issued to domestic and international institutional and sophisticated investors at 0.6 cents.

Each of the directors are intending to participate in the placement, however, this is subject to shareholder approval.

88 Energy will use the money to fund the well costs for Project Peregrine in Alaska, fund interest payments for its debt facilities, and fund new venture opportunities.

Additionally, the money will be used to finance 88E’s ongoing working capital requirements and administrative costs.

“Completion of this placement positions the company strongly as preparations continue for drilling of the Merlin-1 and Harrier-1 wells, which will test multiple conventional targets in Q1 CY21,” Managing Director Dave Wall said.

“Planning and permitting remains on schedule for a late February 2021 spud of the first all at Project Peregrine,” he added.

88 Energy has ended the day 12.5 per cent in the red with shares trading for 0.7 cents each in a $71.48 million market cap.

88E by the numbers
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