TIDM88E
RNS Number : 8101O
88 Energy Limited
11 February 2021
THIS ANNOUNCEMENT, INCLUDING THE APPENDIX AND THE INFORMATION
CONTAINED HEREIN, IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION
OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN,
INTO OR FROM THE UNITED STATES, CANADA, JAPAN, THE REPUBLIC OF
SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS
ANNOUNCEMENT.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT
CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN
OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY NEW ORDINARY
SHARES OF 88 ENERGY LIMITED IN THE UNITED STATES, CANADA, JAPAN,
THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH
SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL
THIS ANNOUNCEMENT IS NOT FOR PUBLICATION OR DISTRIBUTION,
DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA.
THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE INTO THE
UNITED STATES. THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND
WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES,
EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM REGISTRATION. NO
PUBLIC OFFERING OF SECURITIES IS BEING MADE IN THE UNITED
STATES.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN
ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR") WHICH
IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL)
ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT,
THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
88 Energy Limited
Result of Placing
88 Energy Limited ("88 Energy" or the "Company") (ASX, AIM: 88E)
is pleased to announce that, further to the notification on 10
February 2021, the Company has successfully completed a bookbuild
to domestic and international institutional and sophisticated
investors to raise $A12 million before costs (the "Placing")
through the issue of 1,500,000,000 ordinary shares of no par value
(the "Placing Shares") at A$0.008 (equivalent to 0.45 pence) per
Placing Share.
The Placing was conducted through a bookbuilding process,
managed by Cenkos Securities plc in the UK and Euroz Hartleys Ltd
in Australia.
The Placing Shares, which will rank pari passu with the existing
ordinary shares in the Company, have been conditionally placed
subject to admission to trading on both the ASX and AIM
("Admission"). Application will be made for the Placing Shares to
be admitted to trading on both the ASX and AIM, with Admission
expected to occur on 22 February 2021.
The Placing does not require shareholder approval and the issue
and allotment of the Placing Shares will rely on the Company's
placement capacity pursuant to ASX Listing Rule 7.1.
Following the issue of the Placing Shares, the Company will have
12,161,590,431 ordinary shares in issue, all of which have voting
rights. The figure of 12,161,590,431 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.
Commenting on the Placing and the recently announced Board
Changes, Dave Wall, Managing Director of 88 Energy, stated:
"With the completion of this placement, the Company is now fully
funded for all planned activity through to the end of the calendar
year. While the path to spud of Merlin-1 has been challenging, the
prize is more than worth it, and we look forward to commencement of
drilling in around three weeks.
We now also have funding to drill the Harrier prospect, in
addition to Merlin, which provides a combined gross aggregate
target of over 1 billion barrels of recoverable oil, on trend to
large existing discoveries immediately to both the north and south
of the project area.
After seven years, my time at the Company is coming to an end
but there is still much to do so it is business as usual."
For further information please contact:
88 Energy Ltd admin@88energy.com
Dave Wall, Managing Director Tel: +61 8 9485 0990
Finlay Thomson, Investor Relations Tel: +44 7976 248 471
Euroz Hartleys Ltd
Dale Bryan Tel: +61 8 9268 2829
Cenkos Securities Plc
Neil McDonald Tel: +44 (0)131 220 9771 / +44
(0)207 397 1953
Derrick Lee Tel: +44 (0)131 220 9100 / +44
(0)207 397 8900
Pearl Kellie Tel: +44 )0)131 220 9775
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END
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