01/07/2019 - 15:28

Calima raises nearly $13m

01/07/2019 - 15:28

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Calima Energy has raised around $12.7 million, via a placement and entitlement offer, with the funds set to be primarily used for general working capital purposes.

Calima raises nearly $13m
Calima has a primary focus on its Montney project in Canada.

Calima Energy has raised around $12.7 million, via a placement and entitlement offer, with the funds set to be primarily used for general working capital purposes.

Under the capital raising, Calima received firm commitments to raise $4 million at 1.8 cents per share, which is a 15.9 per cent discount to its 10 volume-weighted average price as at June 26 of 2.14 cents each.

The Subiaco-based company will also undertake an $8.7 million 1-for-3, fully underwritten rights issue, at the same price as the placement.

Euroz and Petra Capital are joint lead managers to the placement and joint underwriters to the rights issue.

The company said funds raised will mainly go towards working capital, as well as to support the company in undertaking the preliminary planning and feasibility work required to bring the company’s existing wells into production through a proposed tie-in pipeline.

Calima has a primary focus on the Montney formation in British Columbia, Canada.

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