By Nigel Somerville, the Deputy Sheriff of AIM | Tuesday 4 August 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Aussie hydrocarbons explorer 88 Energy (88E) has been raising money to fund its ‘Icewine’ project in Alaska. It has a conditional $50 million debt facility announced on 24 June sort of agreed with Bank of America subject, amongst other things, to due diligence although there has been no news of progress on that ever since. A two-part placing has been going on, with the intention of raising 12 million Aussie dollars at one Aussie cent per share (about 0.47 pence). The company announced on 22 July that the book build had been completed and was heavily oversubscribed. The first tranche of about £800,000 has been completed, with the rest subject to an EGM. Step forward the ShareProphets RNS Translation Service….
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