REG - 88 Energy Limited - Issue of Equity

88 EnergyAnnouncement

22/02/2022 07:00

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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                                   Tel: +61 8 9485 0990

 Ashley Gilbert, Managing Director               Email: investor-relations@88energy.com

 Finlay Thomson, Investor Relation               Tel: +44 7976 248471

 Fivemark Partners, Investor and Media Relation  Tel: +61 410 276 744

 Andrew Edge / Michael Vaughan                   Tel: +61 422 602 720

 EurozHartleys Ltd                               Tel: + 61 8 9268 2829

 Dale Bryan

 Cenkos Securities                               Tel: + 44 131 220 6939

 Neil McDonald / Derrick Lee

 

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