88 Energy looks forward to new drilling as it seals oversubscribed equity raise

88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ) has raised A$5 million in an oversubscribed share placing, giving the Alaska-focused explorer fresh funding to push ahead with pre-drilling work on its Augusta-1 well and related North Slope commitments. The company placed 173.6 million new shares at A$0.029 each, or about £0.01508, with the price set at a 19.4% discount to the 24 March close and a 20.9% discount to the 10-day ASX VWAP before 23 March.