18/12/2019 - 11:59

Whitebark raises $5m for Wizard Lake acquisition

18/12/2019 - 11:59

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Whitebark Energy has acquired full ownership of its Wizard Lake project, following a successful $5 million capital raising to consolidate and fast track the project’s development.

Whitebark raises $5m for Wizard Lake acquisition
David Messina said he was pleased to finish the year with consolidation of a key asset. Photo: Gabriel Oliveira

Whitebark Energy has acquired full ownership of its Wizard Lake project, following a successful $5 million raise to consolidate and fast track the project’s development.

The placement comprised around 503 million shares offered at $0.01 each, with Morgans Financial acting as lead manager and Adelaide Equity Partners as corporate advisors.

The Canada-based project will be acquired from Point Loma Resources for AU$4.4 million in cash and AU$1.3 million in shares, with the full acquisition to be completed in stages before the end of March next year.

Whitebark will also return its minority interests in Point Loma as part of the deal, after having acquired a direct interest in the company in 2017.

Whitebark Energy managing director David Messina said he was pleased to finish the year with consolidation of a key asset.

“I would to thank the continued support from our shareholders and look forward to an equally rewarding 2020,” he said.

“With ~ 20 future well locations to choose from we will now be able to move ahead with our development activities without impediment and confident that WBE will reap full value from its efforts.”

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