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88 Energy says considering potential capital raising as share trading halted on ASX

The group said it is currently intended that any such capital raising will utilise the company's existing authorities and will not be subject to shareholder approval

ASX building

88 Energy Limited (LON:88E) (ASX:88E) said it is considering a potential capital raising which has led it to place a trading halt on its shares on the Australian Securities Exchange.

In a brief statement, the energy group said it is currently intended that any such capital raising will utilise the company's existing authorities and will not be subject to shareholder approval.

READ: 88 Energy on track for February spud at Charlie-1 in Alaska

The company also confirmed that no terms for any such capital raising have been agreed and there can be no guarantee that it will be completed.

The group said the trading halt in Australia will remain until the earlier of an announcement to the market regarding the capital raising or the opening of trade on the ASX on 24 January 2020 and the shares in the company will continue to trade on AIM during this period.

In early trade in London, 88 Energy shares were 14.5% lower at 1.175p.

Quick facts: 88 Energy Ltd

Price: 1.25 GBX

AIM:88E
Market: AIM
Market Cap: £88.87 m
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