TIDM88E
RNS Number : 6981F
88 Energy Limited
18 November 2020
THIS ANNOUNCEMENT, INCLUDING THE APPIX 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 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THIS ANNOUNCEMENT IS NOT FOR PUBLICATION OR DISTRIBUTION,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
AMED, 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"). 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 17
November 2020, the Company has successfully completed a bookbuild
to domestic and international institutional and sophisticated
investors to raise A$10 million before costs (the "Placing")
through the issue of 1,666,666,667 ordinary shares of no par value
(the "Placing Shares") at A$0.006 (equivalent to 0.33 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 27 November 2020.
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 and 7.1A.
However, the Company intends to seek ratification for their issue
pursuant to Listing Rule 7.4 at the upcoming general meeting (the
"Meeting") to be convened towards the end of December 2020.
Directors' Participation
As set out below, each of the Directors of the Company have
conditionally agreed to subscribe for a total of 11,666,667 new
ordinary shares (the "Subscription Shares"), raising gross proceeds
of A$70,000 (the "Subscription") in addition to net proceeds of the
Placing.
Their individual participation is as follows:
Resultant Holding
Name Position Number of Number of % of Enlarged
Subscription Ordinary Issued Share
Shares Shares Capital *
David Wall Managing Director 8,333,333 120,038,015 1.13
Non Executive
Michael Evans Chairman 1,666,667 32,457,145 0.31
Non Executive
Stephen Staley Director 1,666,667 12,808,334 0.12
* Based on an issued share capital of 10,613,971,383 common
shares of no par value ordinary shares, being the enlarged
issued share capital following the Placing and the Subscription
Completion of the Subscription and the issue of the Subscription
Shares is conditional on the approval of Shareholders of the
Company at the Meeting. Application will be made for the
Subscription Shares to be admitted to trading on AIM and ASX
following such approval and further announcements will be issued in
due course.
Following the issue of the Placing Shares (but not the
Subscription Shares), the Company will have 10,602,304,716 ordinary
shares in issue, all of which have voting rights. The figure of
10,602,304,716 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, Dave Wall, Managing Director of 88
Energy, stated:
"Completion of this placement positions the Company strongly as
preparations continue for the drilling of the Merlin-1 and
Harrier-1 wells, which will test multiple conventional targets, in
Q1 CY2021. Final documentation in relation to the Peregrine
farm-out with the preferred bidder is progressing with execution of
final documents expected in the next few weeks.
Planning and permitting remains on schedule for a late February
2021 spud of the first well at Project Peregrine.
We would like to thank our advisers and shareholders for their
continued support as we enter into this critical phase."
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
About 88 Energy
88 Energy is an oil and gas exploration company with assets on
the North Slope of Alaska. It operates 310,000 net acres at Project
Icewine and 195,000 net acres at Project Peregrine. Additional
information can be found on the Company website
www.88energy.com.
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Michael John Evans
---------------------------------- -----------------------------------------
2. Reason for the Notification
-----------------------------------------------------------------------------
a) Position/status Director of the Company
---------------------------------- -----------------------------------------
b) Initial notification/amendment Initial notification
---------------------------------- -----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name 88 Energy Limited
---------------------------------- -----------------------------------------
b) LEI 213800YFW5171TD69V35
---------------------------------- -----------------------------------------
4.(i) Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv)each place where transactions have
been conducted
-----------------------------------------------------------------------------
a) Description of the Ordinary shares
Financial instrument,
type of instrument
---------------------------------- -----------------------------------------
Identification code AU00000088E2
---------------------------------- -----------------------------------------
b) Nature of the Transaction Acquisition of Ordinary Shares through
Rights Issue
---------------------------------- -----------------------------------------
c) Price(s) and volume(s) Number of Ordinary Price
Shares
----------------------------------
1,666,667 A$0.006
----------------------------------
d) Aggregated information N/A Single transaction
Aggregated volume
Price
---------------------------------- -----------------------------------------
e) Date of the transaction 17 November 2020
---------------------------------- -----------------------------------------
f) Place of the transaction London Stock Exchange, AIM (LON:88E)
---------------------------------- -----------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name George Henry Stephen Staley
---------------------------------- -----------------------------------------
2. Reason for the Notification
-----------------------------------------------------------------------------
a) Position/status Director of the Company
---------------------------------- -----------------------------------------
b) Initial notification/amendment Initial notification
---------------------------------- -----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name 88 Energy Limited
---------------------------------- -----------------------------------------
b) LEI 213800YFW5171TD69V35
---------------------------------- -----------------------------------------
4.(i) Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv)each place where transactions have
been conducted
-----------------------------------------------------------------------------
a) Description of the Ordinary shares
Financial instrument,
type of instrument
---------------------------------- -----------------------------------------
Identification code AU00000088E2
---------------------------------- -----------------------------------------
b) Nature of the Transaction Acquisition of Ordinary Shares through
Rights Issue
---------------------------------- -----------------------------------------
c) Price(s) and volume(s) Number of Ordinary Price
Shares
----------------------------------
1,666,667 A$0.006
----------------------------------
d) Aggregated information N/A Single transaction
Aggregated volume
Price
---------------------------------- -----------------------------------------
e) Date of the transaction 17 November 2020
---------------------------------- -----------------------------------------
f) Place of the transaction London Stock Exchange, AIM (LON:88E)
---------------------------------- -----------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name David James Wall
---------------------------------- -----------------------------------------
2. Reason for the Notification
-----------------------------------------------------------------------------
a) Position/status Director of the Company
---------------------------------- -----------------------------------------
b) Initial notification/amendment Initial notification
---------------------------------- -----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name 88 Energy Limited
---------------------------------- -----------------------------------------
b) LEI 213800YFW5171TD69V35
---------------------------------- -----------------------------------------
4.(i) Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv)each place where transactions have
been conducted
-----------------------------------------------------------------------------
a) Description of the Ordinary shares
Financial instrument,
type of instrument
---------------------------------- -----------------------------------------
Identification code AU00000088E2
---------------------------------- -----------------------------------------
b) Nature of the Transaction Acquisition of Ordinary Shares through
Rights Issue
---------------------------------- -----------------------------------------
c) Price(s) and volume(s) Number of Ordinary Price
Shares
----------------------------------
8,333,333 A$0.006
----------------------------------
d) Aggregated information N/A Single transaction
Aggregated volume
Price
---------------------------------- -----------------------------------------
e) Date of the transaction 17 November 2020
---------------------------------- -----------------------------------------
f) Place of the transaction London Stock Exchange, AIM (LON:88E)
---------------------------------- -----------------------------------------
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END
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November 18, 2020 02:28 ET (07:28 GMT)
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