- Whitebark Energy (WBE) successfully raises $1.93 million through an entitlement offer
- The offer comes with one free-attaching option for every two shares subscribed for
- Whitebark will use the money to advance the Wizard Lake project in Canada with a focus on drilling the Rex-4 development wellbore
- Whitebark Energy last traded at 0.3 cents per share in January 2021
Whitebark Energy (WBE) has successfully raised $1.93 million through an entitlement offer to eligible shareholders.
The company said the entitlement offer was strongly supported with 338 shareholders participating and subscribing for 968,669,625 shares.
Whitebark will also issue one option for every two new shares applied for at 0.2 cents each. This is in combination with one free-attaching option for every two shares subscribed for and issued under the established prospectus.
Adelaide Equity Partners is acting as lead manager to the shortfall offer and is currently in the process of finalising additional applications.
Whitebark Energy will mainly use the funds to advance its flagship Wizard Lake project in Canada. Special attention will be given to drill the Rex-4 development wellbore with aims to optimise cashflow and production from the project.
Subject to meeting ASX requirements outlined in schedule one of the prospectus, the company expects to recommence official quotation on the market.
“Following finalisation of the shortfall applications, the company will be well funded to execute its optimisation strategies and forward program for Wizard Lake… I would like to thank all shareholders for their support and welcome the new shareholders to the company,” Interim CEO Dr Simon Brealey said.
New shares and new options under the entitlement offer will be issued shortly following completion of the shortfall offer. Whitebark Energy expects to be reinstated to the ASX official list following this issuance and upon satisfaction of the reinstatement conditions.
Whitebark Energy last traded at 0.3 cents in January 2021.