Summary
Successful $3.3million placement to progress Otway Drilling Preparation & Seismic Acquisition under the ConocoPhillips Joint Venture
3D Energi Limited has successfully raised $3.3 million through a share placement at $0.05 per share.
The capital raise was supported by domestic and global natural resource funds, including Nero Funds Management.
The funds will be used for exploration activities in the Otway Basin and for general working capital.
The placement involved the issuance of 66,100,000 fully paid ordinary shares.
The share price discount for the placement was 5.66% off the latest closing price and approximately 10% off the 15-day VWAP.
The company utilized its ASX Listing Rule 7.1 and 7.1A capacity for the issuance of the shares.
Settlement of the placement is expected around 22 February 2024, with an application for quotation of the placement shares to follow.
Ethicus Advisory Partners Pty Ltd served as the Lead Manager for the placement.
Executive Chairman Noel Newell highlighted the capital raise as a pivotal moment for 3D Energi, aiming to become a significant gas producer on the east coast through a drilling campaign in the Otway Basin in early 2025, in partnership with ConocoPhillips.
This announcement is a summary of the company approved ASX announcement on 20/2/2024 and is based on facts from the announcement.