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- Kinetiko Energy (KKO) secures a South African strategic investor as it launches an entitlement offer to fund exploration and corporate opportunities
- The $10 million investment comes from Phefo Power via a placement which will see 30 million new shares issued
- The company is seeking to raise a further $3.1 million through an entitlement offer in which one new share will be offered for every 15 held
- The shares will be issued at 7.5 cents each, representing a 10 per cent discount to the last closing price
- Shares are trading 7.23 per cent higher today at 8.9 cents each
Gas explorer, Kinetiko Energy (KKO) has secured a South African strategic investor as it launches an entitlement offer to fund exploration and corporate opportunities.
The $10 million investment comes from Phefo Power via a placement which will see 30 million new shares issued.
A further $3.1 million is being sought through an entitlement offer in which one new share will be offered for every 15 held.
The shares will be issued at 7.5 cents each, representing a 10 per cent discount to the last closing price.
The rights issue will be partially underwritten to $1.5 million.
“Kinetiko continues to attract South African investment as its vision to become a strategic energy solution in South Africa gains momentum,” Executive Chairman Adam Sierakowski said.
“Phefo Power was founded by leading South African oil and gas executives who beyond their investment are offering significant strategic assistance.”
Shares were trading 7.23 per cent higher today at 8.9 cents each.
