Pilot Energy (ASX:PGY) announce $8 million placement

Company News

by Lauren Evans

Pilot Energy (ASX:PGY) have initiated a potential capital raise of $8 million to sophisticated investors arranged by Bridge Street Partners. Strong support has been received from new and existing shareholders.

Under the terms of the placement, Pilot Energy have agreed to issue over 133 million fully paid ordinary shares to clients of Bridge Street at $0.06 per share. The share price represents a 26.8 per cent discount to the last closing price of $0.082 per share on 10 February 2021.

Pilot Energy focus on supplying energy into the Australian Market from an expanding portfolio of gas production, energy storage and renewable projects. The use of the funds associated with the equity raising includes: $3.2 million on oil and gas programs, $2.4 million on studies for blue hydrogen, $1 million on renewables, and $2.4 million on other expenses.

Shares in Pilot Energy (ASX:PGY) last traded at $0.082.

Image from: https://www.pilotenergy.com.au/

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