26/09/2019 - 11:22

Energy juniors to raise $7.3m

26/09/2019 - 11:22

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Oil and gas explorer Whitebark Energy and uranium-focused Toro Energy are seeking to advance their respective projects with equity, with Whitebark completing a share placement and Toro launching a share purchase plan.

Energy juniors to raise $7.3m
Whitebark says the funds will allow it to accelerate the development of its Wizard Lake project.

Oil and gas explorer Whitebark Energy and uranium-focused Toro Energy are seeking to advance their respective projects with equity, with Whitebark completing a share placement and Toro launching a share purchase plan.

Whitebark Energy raised $3.8 million at 0.8 cents per share, which represented an 18 per cent discount to its five-day volume-weighted average price.  

Morgans Financial acted as lead manager to the placement and Adelaide Equity Partners as corporate adviser.

The company said the new funds would allow it to accelerate the development of its Wizard Lake project.

It said the recent success of the Rex-2 well at the project, particularly due to the unexpectedly high oil and associated gas flows, resulted in surface production facilities reaching capacity earlier than planned.

In addition to the placement, Whitebark will undertake a share purchase plan, in which eligible shareholders would have the opportunity to purchase up to $30,000 worth of shares at the same price as the placement.

Toro Energy is seeking to raise $3.5 million via share purchase plan, with a part of the funds to go towards advancing processing studies at its Wiluna uranium project.

The new shares will be issued at a 20 per cent discount to its VWAP during the five days prior to issue date of the shares.

Patersons Securities is the lead manager and underwriter to the offer.

The company also may undertake a $2.5 million top-up placement.

Shares in Whitebark were down 11.1 per cent at noon to trade at 0.8 cents each.

Shares in Toro were down 5.3 per cent to trade at 1.8 cents each.

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