RE: Cine4 Nov 2022 00:55
Interesting ... during the 2021 March drill this probably added some speculation
88 Energy has entered into a share subscription agreement (the "Subscription") with ELKO International LLC ("ELKO"), one of the major contractors for the current drilling operations. Under the agreement ELKO has subscribed 360,000,000 new Ordinary Shares at $0.018 (the "Subscription Shares"), raising gross proceeds of $6.48 million at a 225% premium to the placement undertaken on 12th February 2021. There are no fees associated with the Subscription.
Application has been made for the Subscription Shares, which will rank pari passu with the existing ordinary shares in the Company, to be admitted to trading on both the ASX and AIM ("Admission"), with Admission expected to occur on 25 March 2021.