Join our daily newsletter At The Bell to receive exclusive market insights
- Brookside Energy (BRK) has managed to raise $1.38 million via a capital raise
- The company first announced it was raising capital in early August via a non-renounceable one-for-four entitlement offer
- The entitlement offer closed several weeks later, having raised $758,000
- Meanwhile, Brookside announced a shortfall placement, which it finalised today — raising an additional $497,000 in funds
- It also successfully raised over $131,000 through an oversubscription placement
- All of the new shares were sold for 0.5 cents each and came with a free attaching option, exercisable at 1.1 cents each
- Brookside said it will use the $1.38 million raised to progress its acquisition and development activities in the Anadarko Basin
- Shares in BRK are currently trading for 0.5 cents per share
Oil and gas company Brookside Energy (BRK) has managed to raise $1.38 million via a capital raise.
Brookside first announced it was raising capital in early August, via a non-renounceable one-for-four entitlement offer.
It planned to raise over $1.5 million via the entitlement offer, and issuing of attaching options, however, that number has since been scaled back.
Instead Brookside said it had managed to raise $758,000 at the close of the offer in late August. It also announced it had organised a shortfall placement.
That shortfall placement closed today, and the company said the placement managed to raise an additional $497,000 in funds.
Additionally, Brookfield said it had successfully placed 26 million shares through an oversubscription payment — raising another $131,000 in extra cash.
Under all three offers, new shares were sold for 0.5 cents each and came with an attaching option. The options have an exercise price of 1.1 cents each and will expire on June 30, 2022.
All up, Brookfield raised $1.38 million through the entitlement offer, shortfall placement and oversubscription placement.
It said the majority of the funds will go towards progressing its acquisition and development activities in the Anadarko Basin, in Oaklahoma, otherwise known as the Orion Project.
Shares in Brookside Energy are trading steady, for 0.5 cents per share at 1:58 pm AEST.
