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88 Energy Ltd - Australian exploration & production company - Intends to raise up to AUD10 million, around GBP5.5 million, through a placing of shares at a price of 0.6 Australian cents each.
Proceeds will go towards funding the ongoing evaluation of the prospectivity of its existing assets, as well as identify new opportunities in the North Slope of Alaska. Will go be used to bolster company's balance sheet.
Cenkos Securities will act as bookrunner in UK placing, and EurozHartleys in the Australian placing.
Current stock price: 0.39 pence
Year-to-date change: down 71%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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