TIDM88E
RNS Number : 5977N
88 Energy Limited
27 October 2016
27 October 2016
88 Energy Limited
A$11m Placement - Cleansing Notice and Appendix 3B
Further to the announcement released to ASX on 25 October 2016,
the Directors of 88 Energy Limited ("the Company") provide a notice
for the purposes of section 708A(5)(e) of the Corporations Act
2001.
A total of 275,000,000 fully paid ordinary shares were issued to
professional and sophisticated investors at an issue price of
A$0.04 per Share under the Company's 15% Placement Capacity under
Listing Rule 7.1. In addition, 137,500,000 Unlisted Options
(exercisable at A$0.055 per Option on or before the date which is 5
years from the date of completion), were issued to placement
participants.
A further 22,000,000 Unlisted Options (exercisable at A$0.05 per
Option on or before the date which is 5 years from the date of
completion), were issued to the Company's US placement agent, Maxim
Group LLC.
The Shares are part of a class of securities quoted on ASX and
may be subject to a subsequent offer for sale.
The Company issued the Shares and Options above without a
disclosure document to investors under Part 6D.2 of the
Corporations Act.
The Company, as at the date of this notice, has complied
with:
(a) the provisions of Chapter 2M of the Corporations Act;
and
(b) section 674 of the Corporations Act.
There is no excluded information, as defined in sections 708A(7)
and 708A(8) of the Corporations Act, as at the date of this
notice.
Media and Investor Relations:
88 Energy Ltd
Dave Wall, Managing Director Tel: +61 8 9485 0990
Email: admin@88energy.com
Finlay Thomson, Investor Relations Tel: +44 7976 248471
Hartleys Ltd
Dale Bryan Tel: + 61 8 9268 2829
Cenkos Securities
Neil McDonald/Derrick Lee Tel: +44 131 220 6939
This announcement contains inside information.
Rule 2.7, 3.10.3, 3.10.4, 3.10.5
Appendix 3B
New issue announcement,
application for quotation of additional securities
and agreement
Information or documents not available now must be given to ASX
as soon as available. Information and documents given to ASX become
ASX's property and may be made public.
Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98,
01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05,
01/08/12, 04/03/13
Name of entity
88 ENERGY LIMITED
-----------------
ABN
80 072 964 179
--------------
We (the entity) give ASX the following information.
Part 1 -- All issues
You must complete the relevant sections (attach sheets if there
is not enough space).
1 +Class of +securities 1. Fully Paid Ordinary Shares
issued or to be issued 2. Unlisted Options
3. Unlisted Options
2 Number of +securities 1. 275,000,000
issued or to be issued
(if known) or maximum
number which may be
issued
2. 137,500,000
3. 22,000,000
3 Principal terms of 1. Fully Paid Ordinary Shares
the +securities (e.g. 2. Unlisted Options (exercisable
if options, exercise at $0.055 on or before the date
price and expiry date; which is 5 years from the date
if partly paid +securities, of issue)
the amount outstanding 3. Unlisted Options (exercisable
and due dates for at $0.05 on or before the date
payment; if +convertible which is 5 years from the date
securities, the conversion of issue)
price and dates for
conversion)
---------------------------------------------
4 Do the +securities 1. Yes
rank equally in all 2. No - Ordinary shares issued
respects from the upon exercise of the options
+issue date with an will rank equally with existing
existing +class of quoted ordinary shares
quoted +securities? 3. No - Ordinary shares issued
upon exercise of the options
If the additional will rank equally with existing
+securities do not quoted ordinary shares
rank equally, please
state:
* the date from which they do
* the extent to which they participate for the next
dividend, (in the case of a trust, distribution) or
interest payment
* the extent to which they do not rank equally, other
than in relation to the next dividend, distribution
or interest payment
----------------------------------------
5 Issue price or consideration 1. $0.04 per share
2. Nil
3. Nil
----------------------------------------
Purpose of the issue
6 (If issued as consideration Placement announced to ASX on
for the acquisition 25 October 2016 under the Company's
of assets, clearly 15% placement capacity under
identify those assets) Listing Rule 7.1 to US based
institutional investors to raise
A$11 million. Funds will be
used for the drilling of the
Company's Icewine #2 well, to
progress the Company's exploration
program at Project Icewine,
to pursue complementary growth
opportunities in Alaska, and
for working capital.
--------------------------------------------------------------
Is the entity an +eligible Yes
6a entity that has obtained
security holder approval
under rule 7.1A?
If Yes, complete sections
6b - 6h in relation
to the +securities
the subject of this
Appendix 3B, and comply
with section 6i
--------------------------------------------------------------
The date the security 31 May 2016
6b holder resolution
under rule 7.1A was
passed
--------------------------------------------------------------
Number of +securities N/A
6c issued without security
holder approval under
rule 7.1
--------------------------------------------------------------
Number of +securities N/A
6d issued with security
holder approval under
rule 7.1A
--------------------------------------------------------------
Number of +securities N/A
6e issued with security
holder approval under
rule 7.3, or another
specific security
holder approval (specify
date of meeting)
--------------------------------------------------------------
Number of +securities N/A
6f issued under an exception
in rule 7.2
--------------------------------------------------------------
If +securities issued N/A
6g under rule 7.1A, was
issue price at least
75% of 15 day VWAP
as calculated under
rule 7.1A.3? Include
the +issue date and
both values. Include
the source of the
VWAP calculation.
--------------------------------------------------------------
If +securities were N/A
6h issued under rule
7.1A for non-cash
consideration, state
date on which valuation
of consideration was
released to ASX Market
Announcements
--------------------------------------------------------------
Calculate the entity's 149.627,063 under rule 7.1
6i remaining issue capacity 389,418,042 under rule 7.1A
under rule 7.1 and 539,045,105 Total
rule 7.1A - complete
Annexure 1 and release
to ASX Market Announcements
--------------------------------------------------------------
7 +Issue dates 27 October 2016
Note: The issue date
may be prescribed
by ASX (refer to the
definition of issue
date in rule 19.12).
For example, the issue
date for a pro rata
entitlement issue
must comply with the
applicable timetable
in Appendix 7A.
Cross reference: item
33 of Appendix 3B.
Number +Class
-------------------------------------- ----------------------
Fully paid ordinary
Number and +class shares
of all +securities 4,169,180,418
quoted on ASX (including Listed Options
the +securities in ($0.02; Expiry
8 section 2 if applicable) 413,459,650 2 March 2018)
-------------------------------------- ----------------------
Number +Class
-------------- -----------------------------------------
9 Number and
+class of 2,500,000 Unlisted options exercisable at $0.45
all +securities on or before 31 October 2016
not quoted
on ASX (including
the +securities 1,000,000 Unlisted options exercisable at $0.42
in section on or before 12 June 2017 (vesting
2 if applicable) conditions apply)
2,000,000
Unlisted options exercisable at $0.28
on or before 12 June 2017
250,000
Unlisted options exercisable at $0.16
1,000,000 on or before 12 June 2017
45,000,000
Unlisted options exercisable at $0.014
on or before 2 March 2018
13,224,952 Unlisted options exercisable at $0.015
on or before 18 February 2018
62,965,301 Unlisted options exercisable at $0.016
on or before 31 August 2018
137,500,000 Unlisted options exercisable at $0.021
on or before 1 November 2018
22,000,000 Unlisted options exercisable at $0.055
on or before 27 October 2021
Unlisted options exercisable at $0.05
on or before 27 October 2021
-------------- -----------------------------------------
10 Dividend N/A
policy (in
the case
of a trust,
distribution
policy) on
the increased
capital (interests)
---------------------------------------------------------
Part 2 -- Pro rata issue
11 Is security holder N/A
approval required?
----
12 Is the issue renounceable N/A
or non-renounceable?
----
13 Ratio in which the N/A
+securities will be
offered
14 +Class of +securities N/A
to which the offer
relates
----
15 +Record date to determine N/A
entitlements
----
16 Will holdings on different N/A
registers (or subregisters)
be aggregated for calculating
entitlements?
----
17 Policy for deciding N/A
entitlements in relation
to fractions
----
18 Names of countries N/A
in which the entity
has security holders
who will not be sent
new offer documents
Note: Security holders
must be told how their
entitlements are to
be dealt with.
Cross reference: rule
7.7.
----
19 Closing date for receipt N/A
of acceptances or renunciations
----
20 Names of any underwriters N/A
----
21 Amount of any underwriting N/A
fee or commission
----
22 Names of any brokers N/A
to the issue
----
23 Fee or commission payable N/A
to the broker to the
issue
----
24 Amount of any handling N/A
fee payable to brokers
who lodge acceptances
or renunciations on
behalf of security
holders
----
25 If the issue is contingent N/A
on security holders'
approval, the date
of the meeting
----
26 Date entitlement and N/A
acceptance form and
offer documents will
be sent to persons
entitled
----
27 If the entity has issued N/A
options, and the terms
entitle option holders
to participate on exercise,
the date on which notices
will be sent to option
holders
----
28 Date rights trading N/A
will begin (if applicable)
----
29 Date rights trading N/A
will end (if applicable)
----
30 How do security holders N/A
sell their entitlements
in full through a broker?
----
31 How do security holders N/A
sell part of their
entitlements through
a broker and accept
for the balance?
----
32 How do security holders N/A
dispose of their entitlements
(except by sale through
a broker)?
----
33 +Issue date N/A
----
Part 3 -- Quotation of securities
You need only complete this section if you are applying for
quotation of securities
34 Type of +securities
(tick one)
(a) X +Securities described in Part 1
(b) All other +securities
Example: restricted securities at the end of the
escrowed period, partly paid securities that become
fully paid, employee incentive share securities
when restriction ends, securities issued on expiry
or conversion of convertible securities
Entities that have ticked box 34(a)
Additional securities forming a new class of securities
Tick to indicate you are providing
the information or documents
35 If the +securities are +equity securities, the
names of the 20 largest holders of the additional
+securities, and the number and percentage of
additional +securities held by those holders
36 If the +securities are +equity securities, a distribution
schedule of the additional +securities setting
out the number of holders in the categories
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
37 A copy of any trust deed for the additional +securities
Entities that have ticked box 34(b)
38 Number of +securities N/A
for which +quotation
is sought
39 +Class of +securities N/A
for which quotation
is sought
---------
40 Do the +securities N/A
rank equally in all
respects from the +issue
date with an existing
+class of quoted +securities?
If the additional +securities
do not rank equally,
please state:
* the date from which they do
* the extent to which they participate for the next
dividend, (in the case of a trust, distribution) or
interest payment
* the extent to which they do not rank equally, other
than in relation to the next dividend, distribution
or interest payment
41 Reason for request N/A
for quotation now
Example: In the case
of restricted securities,
end of restriction
period
(if issued upon conversion
of another +security,
clearly identify that
other +security)
---------
Number +Class
------- ---------
42 Number and +class of N/A
all +securities quoted
on ASX (including the
+securities in clause
38)
------- ---------
(i) Quotation agreement
1 +Quotation of our additional +securities is in ASX's absolute
discretion. ASX may quote the +securities on any conditions it
decides.
2 We warrant the following to ASX.
-- The issue of the +securities to be quoted complies with the
law and is not for an illegal purpose.
-- There is no reason why those +securities should not be granted +quotation.
-- An offer of the (+) securities for sale within 12 months
after their issue will not require disclosure under section 707(3)
or section 1012C(6) of the Corporations Act.
Note: An entity may need to obtain appropriate warranties from
subscribers for the securities in order to be able to give this
warranty
-- Section 724 or section 1016E of the Corporations Act does not
apply to any applications received by us in relation to any
+securities to be quoted and that no-one has any right to return
any +securities to be quoted under sections 737, 738 or 1016F of
the Corporations Act at the time that we request that the
+securities be quoted.
-- If we are a trust, we warrant that no person has the right to
return the +securities to be quoted under section 1019B of the
Corporations Act at the time that we request that the +securities
be quoted.
3 We will indemnify ASX to the fullest extent permitted by law
in respect of any claim, action or expense arising from or
connected with any breach of the warranties in this agreement.
4 We give ASX the information and documents required by this
form. If any information or document is not available now, we will
give it to ASX before +quotation of the +securities begins. We
acknowledge that ASX is relying on the information and documents.
We warrant that they are (will be) true and complete.
Sign here: Date: 27 October 2016
(Company Secretary)
Print name: Sarah Smith
== == == == ==
Appendix 3B - Annexure 1
Calculation of placement capacity under rule 7.1 and rule 7.1A
for eligible entities
Introduced 01/08/12 Amended 04/03/13
Part 1
Rule 7.1 - Issues exceeding 15% of capital
-------------------------------------------------------------------------------------------------------
Step 1: Calculate "A", the base figure from which the
placement capacity is calculated
-------------------------------------------------------------------------------------------------------
Insert number of fully paid
+ordinary securities on issue
12 months before the +issue
date or date of agreement
to issue 2,345,346,023
-------------------------------------------------------------- ---------------------------------------
Add the following:
* Number of fully paid +ordinary securities issued in 300,000,000 issued 30 November
that 12 month period under an exception in rule 7.2 2015
442,834,800 issued 18 December
2015
52,128,585 issued 16 February
* Number of fully paid +ordinary securities issued in 2016 (on exercise of Options
that 12 month period with shareholder approval previously approved by Shareholders)
24,758,964 issued 17 February
2016 (on exercise of Options
previously approved by Shareholders)
2,500,000 issued 19 February
2016 (on exercise of Options
previously approved by Shareholders)
1,900,000 issued 22 February
2016 (on exercise of Options
* Number of partly paid +ordinary securities that previously approved by Shareholders)
became fully paid in that 12 month period 3,000,000 issued 2 March 2016
(on exercise of Options previously
issued under Employee Incentive
Note: Option Scheme)
* Include only ordinary securities here - other classes 3,000,000 issued 4 March 2016
of equity securities cannot be added (on exercise of Options previously
issued under Employee Incentive
Option Scheme)
* Include here (if applicable) the securities the 3,400,000 issued 4 March 2016
subject of the Appendix 3B to which this form is (on exercise of options previously
annexed approved by Shareholders)
119,618 issued 10 March 2016
(on exercise of options previously
* It may be useful to set out issues of securities on approved by Shareholders)
different dates as separate line items 1,416,666 issued 11 March
2016 (on exercise of options
previously approved by Shareholders)
500,000 issued 11 March 2016
(on exercise of options previously
approved by Shareholders)
3,000,000 issued 17 March
2016 (on exercise of Options
previously issued under Employee
Incentive Option Scheme)
200,000 issued 19 April 2016
(on exercise of Options previously
approved by Shareholders)
51,215 issued 18 May 2016
(on exercise of Options previously
approved by Shareholders)
476,709,698 issued 3 May 2016
and ratified at AGM on 31
May 2016
238,354,849 issued 3 May 2016
and ratified at AGM on 31
May 2016
1,000,000 issued 9 September
2016 (on exercise of Options
previously approved by Shareholders)
-------------------------------------------------------------- ---------------------------------------
Subtract the number of fully
paid +ordinary securities
cancelled during that 12
month period 5,500,000
540,000
-------------------------------------------------------------- ---------------------------------------
"A" 3,894,180,418
-------------------------------------------------------------- ---------------------------------------
Step 2: Calculate 15% of "A"
-------------------------------------------------------------------------------------------------
"B" 0.15
[Note: this value cannot be
changed]
------------------------------------------------------------- ----------------------------------
Multiply "A" by 0.15 584,127,063
------------------------------------------------------------- ----------------------------------
Step 3: Calculate "C", the amount of placement capacity
under rule 7.1 that has already been used
-------------------------------------------------------------------------------------------------
Insert number of +equity
securities issued or agreed
to be issued in that 12 month 275,000,000 Ordinary Shares
period not counting those issued 25 October 2016
issued: 137,500,000 Unlisted Options
* Under an exception in rule 7.2 issued 25 October 2016 ($0.055;
5 year term)
22,000,000 Unlisted Options
* Under rule 7.1A issued 25 October 2016 ($0.05;
5 year term)
* With security holder approval under rule 7.1 or rule
7.4
Note:
* This applies to equity securities, unless
specifically excluded - not just ordinary securities
* Include here (if applicable) the securities the
subject of the Appendix 3B to which this form is
annexed
* It may be useful to set out issues of securities on
different dates as separate line items
------------------------------------------------------------- ----------------------------------
"C" 434,500,000
------------------------------------------------------------- ----------------------------------
Step 4: Subtract "C" from ["A" x "B"] to calculate remaining
placement capacity under rule 7.1
-------------------------------------------------------------------------------------------------
"A" x 0.15
Note: number must be same
as shown in Step 2 584,127,063
------------------------------------------------------------- ----------------------------------
Subtract "C"
Note: number must be same
as shown in Step 3 434,500,000
------------------------------------------------------------- ----------------------------------
Total ["A" x 0.15] - "C" 149,627,063 [Note: this is
the remaining placement capacity
under rule 7.1]
------------------------------------------------------------- ----------------------------------
Part 2
Rule 7.1A - Additional placement capacity for eligible
entities
--------------------------------------------------------------------------------------------
Step 1: Calculate "A", the base figure from which the
placement capacity is calculated
--------------------------------------------------------------------------------------------
"A"
Note: number must be same
as shown in Step 1 of Part
1 3,894,180,418
-------------------------------------------------------------- ----------------------------
Step 2: Calculate 10% of "A"
--------------------------------------------------------------------------------------------
"D" 0.10
Note: this value cannot be
changed
-------------------------------------------------------------- ----------------------------
Multiply "A" by 0.10 389,418,042
-------------------------------------------------------------- ----------------------------
Step 3: Calculate "E", the amount of placement capacity
under rule 7.1A that has already been used
--------------------------------------------------------------------------------------------
Insert number of +equity
securities issued or agreed -
to be issued in that 12 month
period under rule 7.1A
Notes:
* This applies to equity securities - not just ordinary
securities
* Include here - if applicable - the securities the
subject of the Appendix 3B to which this form is
annexed
* Do not include equity securities issued under rule
7.1 (they must be dealt with in Part 1), or for which
specific security holder approval has been obtained
* It may be useful to set out issues of securities on
different dates as separate line items
-------------------------------------------------------------- ----------------------------
"E" -
-------------------------------------------------------------- ----------------------------
Step 4: Subtract "E" from ["A" x "D"] to calculate remaining
placement capacity under rule 7.1A
----------------------------------------------------------------
"A" x 0.10
Note: number must be same
as shown in Step 2 389,418,042
---------------------------- ----------------------------------
Subtract "E" -
Note: number must be same
as shown in Step 3
---------------------------- ----------------------------------
Total ["A" x 0.10] - "E" 389,418,042 Note: this is
the remaining placement capacity
under rule 7.1A
---------------------------- ----------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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