Buru Energy Limited (ASX: BRU) successfully completed a AU$5 million Share Placement to fund the ongoing Rafael appraisal and development. This effort was designed to raise funds for the 2024 drilling program and the Rafael gas and condensate discovery's commercialization. The Placement, supported by major shareholders and new institutional investors, at 11.5 cents per share, will be followed by a Share Purchase Plan (SPP) for existing shareholders, providing an identical share price opportunity.
CEO Thomas Nador expressed confidence in their structured appraisal and commercialization pathways for the Rafael discovery, highlighted by ongoing seismic acquisition and development plans. The funding will facilitate securing Long Lead Items, essential for the 2024 drilling program, and will also support drilling program planning, regulatory approvals, and native title negotiations. The Placement shares, issued under ASX Listing Rule 7.1, are set to be allotted on November 20, 2023, while the SPP will open on the same day. The SPP is available to shareholders on record with registered addresses in Australia or New Zealand, allowing shares of up to AU$30,000. Both the Placement and SPP shares will be at the price of AU$0.115. These new shares will maintain equal rank with existing Buru shares.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
