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88 Energy to raise A$11m

25 October 2016 08:09

88 Energy has reached agreement for a placement to raise gross proceeds of A$11m to two US-based institutional investors.

The net proceeds will be used to strengthen the company's balance sheet ahead of the upcoming drilling of Icewine#2 in the first quarter of 2017, pursue complementary growth opportunities in Alaska and for general working capital purposes.

At 8:09am: (LON:88E) 88 Energy Ltd share price was -0.03p at 2.43p

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