Fully Underwritten Capital Raising and Non-Renounceable Rights Offering

Galilee Energy Limited (ASX: GLL) has announced a fully underwritten placement to raise AU$500,000 by issuing approximately 40 million new fully paid ordinary shares at AU$0.0125 per share. Concurrently, the company’s board has approved a fully underwritten, non-renounceable entitlement offer to raise about AU$2,150,000 before expenses. Eligible shareholders will have the opportunity to acquire one new share for every 2.2 shares held as of 21 August 2024, at the same issue price of AU$0.0125 per share. Canaccord Genuity (Australia) Limited fully underwrites the offer, with additional sub-underwriting commitments from Galilee’s directors and associates. Funds from both initiatives will be allocated to costs related to a proposed scheme, advancement of merged group assets, and general working capital.

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