StockMarketWire.com - 88 Energy said it proposed to raise up to A$10m through the placing of new shares at a discount.

The placing price was equivalent to a discount of 20% to the volume weighted average price on the Australian Securities Exchange for the 30 days to 10 Sep 2019, the company said.

The company said it would use the proceeds to fund the ongoing evaluation of the conventional and unconventional prospectivity of the company's existing assets, including any potential costs in respect of the Charlie-1 well which was due to be drilled in the first quarter of 2020, and to enable it to identify and exploit new opportunities on the North Slope of Alaska.

At 9:32am: (LON:88E) 88 Energy Ltd share price was -0.05p at 0.68p



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