AWE announces share placement and purchase plan

Company News

by Kathy Skantzos

Oil and gas exploration company AWE (ASX:AWE) has announced a fully underwritten institutional share placement to raise approximately $38 million.

Following completion of the placement, AWE will additionally offer all existing eligible Australian and New Zealand shareholders the opportunity to participate in a share purchase plan to raise $10 million.

The institutional placement will comprise of an issue of around 76.9 million new fully paid ordinary shares at $0.50 a share, and shares will be placed on a trading halt while the placement is underway.

The proceeds from both the capital raising will be used to strengthen the company’s balance sheet and to fund stage 2 of its Waitsia project.

The company is also looking at capital expenditure on other developments, including the next stage of the Casino-Henry gas project.

Shares in AWE (ASX:AWE) are on a trading halt and last traded at 56 cents.
 

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.