Whitebark Energy (ASX:WBE) is set to raise AU$2 million by placing around 307.7 million shares at AU$0.0065 apiece, according to a Thursday filing with the Australian bourse.
Participants will also receive one free attached option per two shares subscribed exercisable at AU$0.015 expiring 24 months from the date of issue, the filing said.
Tranche one of the placement will be issued under bourse rule 7.1 for 37.1 million shares and rule 7.1a for 24.8 million shares, while tranche two for 245.8 million shares will be subject to shareholder approval.
The company will use the raised funds to cover the costs of its offer to acquire King Energy, among other initiatives, the filing added.
It filed a bidder's statement to acquire King Energy via an off-market takeover, per the filing.
Peak Asset Management and AE Advisors were the joint lead managers for the placement.
Company shares were down 13% in recent trade.
Price (AUD): $0.01, Change: $-0.0010, Percent Change: -12.50%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.